EOS potential uptrend after rejecting the support
Updated
On the 29th of April, EOS/BTC has reached an all-time high, hitting btc 0.00244. Since then price has been declining consistently, and on 22 August found bottom. After EOS has bounce off the support, the total loss to the Bitcoin was nearly 75%. The support at btc 0.000620 was confirmed by the 38.2% Fibonacci retracement level, applied to the uptrend trenldine breakout point.
The support has been rejected cleanly; in fact, price has not stayed there for long, but produced a short-lived spike down and immediately went up. However on the corrective wave up, downtrend trendline has been rejected, along with the 23.6% Fibonacci resistance level.
This brings up the conclusion that currently EOS is consolidating between the support and resistance levels, while struggling to establish a clear long-term direction. Break above the btc 0.001 psychological resistance and the 200 Moving Average should result in more growth, and price could move up towards the btc 0.0013 or btc 0.0015 resistance levels.
But currently, as the resistance is still holding, the risk of the further decline remains. EOS coin price still might fall down towards the key support area, that is between btc 0.00062 and 0.00052. Break below that support area will most likely send price even lower, down to the btc 0.00022 support.
First sign of the downtrend could be the RSI uptrend trendline breakout.
First sign of the uptrend could be the break above the btc 0.001 resistance.
Support:
1. 0.00062
2. 0.00052
3. 0.00022
Resistance:
1. 0.00095
2. 0.00100
3. 0.00132
4. 0.00148
The support has been rejected cleanly; in fact, price has not stayed there for long, but produced a short-lived spike down and immediately went up. However on the corrective wave up, downtrend trendline has been rejected, along with the 23.6% Fibonacci resistance level.
This brings up the conclusion that currently EOS is consolidating between the support and resistance levels, while struggling to establish a clear long-term direction. Break above the btc 0.001 psychological resistance and the 200 Moving Average should result in more growth, and price could move up towards the btc 0.0013 or btc 0.0015 resistance levels.
But currently, as the resistance is still holding, the risk of the further decline remains. EOS coin price still might fall down towards the key support area, that is between btc 0.00062 and 0.00052. Break below that support area will most likely send price even lower, down to the btc 0.00022 support.
First sign of the downtrend could be the RSI uptrend trendline breakout.
First sign of the uptrend could be the break above the btc 0.001 resistance.
Support:
1. 0.00062
2. 0.00052
3. 0.00022
Resistance:
1. 0.00095
2. 0.00100
3. 0.00132
4. 0.00148
Note
Note
Note
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