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The EOS/USDT pair failed to give a bullish breakout of a zaokružen donji uzorak due to the increased selling pressure at the $1.89 supply zone. However, the price action displays the underlying bullish sentiment is preparing a trend reversal with a cup and handle pattern. So, should you consider buying for the long-term or wait for the current correction phase to cool off?
Key points: from EOS analysis:
- The EOS price action shows the formation of the cup and handle pattern
- The 50-and-100-day EMA nearing a bullish crossover encourages growth in underlying bullish momentum
- Obim trgovanja unutar dana u EOS-u je 1.5 milijardi dolara, što ukazuje na povećanje od 48%
Izvor- Tradingview
The bikovski preokretni obrazac discussed in our previous article failed to break the resistance neckline at the $1.9 mark. Currently, the bearish turnaround from the overhead resistance accounts for a price drop of 13% in the last four days.
The correction phase approaches the $1.58 support level after breaking below the 200 days EMA. However, the prices sustain above the 100-day EMA, which increases the possibility of a bullish crossover with the 50-day EMA.
Coming back to the price action, the possibility of a cup and handle pattern arises in the daily chart after the prices are reversed from the $1.89 supply zone. However, the bullish reversal to complete the price pattern may drop below the $1.5 mark before taking a bullish reversal from the $1.41 support level.
Hence an opportunity to short-sell at the current market price arises for the sideline traders.
In the long term, If the EOS prices manage to exceed the supply zone at $1.89 to give the cup and handle pattern breakout, a prolonged uptrend to the $2.80 mark is possible.
Tehnički indikator
DMI indikator: the DI lines project a bullish trend in the US prices despite the recent downfall. Meanwhile, the ADX line maintains a positive trend reflecting an increasing trend momentum.
RSI– despite the suddenly increased volatility in market price, The RSI slope maintains a diagonal uptrend in the nearly overbought zone.
- Nivoi otpora - $1.56 i $1.73
- Nivoi podrške - $1.41 i $1.26
Predstavljeni sadržaj može sadržavati lično mišljenje autora i podložan je tržišnim uslovima. Istražite tržište prije nego što investirate u kriptovalute. Autor ili publikacija ne snosi nikakvu odgovornost za vaš lični finansijski gubitak.
Source: https://coingape.com/markets/will-this-bullish-pattern-propel-the-eos-price-to-2-80/