EOS Price Analysis 9/8/19 - Double Top
- Relative Strength Index: The RSI at the time of writing is at a high 62 points. It just recently tipped over the 70 point threshold into the overbought market territory, rebounding shortly after.
- Bollinger Bands: As the price increased rapidly it crossed over the upper band, which caused the sharp rebound. Now that the price is within the range once again, it will be looking to stabilize.
- Volume: There is quite a bit of volume for EOS right now, more so than for ETH or BTC (relatively speaking of course). This means that the market is alive and a sharp move in the near term wouldn't be out of the question.
EOS Price Prediction
While we have been seeing some exciting bullish momentum for EOS, an unfortunate pattern has just unfolded - a double top. A double top is an extremely bearish sign which forms when an asset has reached a high point two times in a short period of time with a decline in between.
While the second top for EOS was slightly higher than the first, there was quite a decline in between. No chart is perfect, but this pattern should be taken into account. If you're planning on entering a position, I would proceed with caution.
My prediction for EOS' price is that it will respect the double top and retrace down to $3.5 where it's comfortable. If Bitcoin decides to wake up, then EOS could harness enough power to make another bull run.
Read More: EOS Price Analysis
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