Since EOS has reached the $23 high, on the 29th of April, price corrected down and found the support at $10. The support is confirmed by 161.8% Fibs applied to the corrective wave down after the breakout of the descending channel on the 11th of April.
EOS/USD formed a double bottom at $10 support and today it broke above the descending channel. Current price action suggest the continuation of the uptrend, where EOS could reach strong resistance at $27. It is very close to the $30 psychological price and it is likely that EOS will find the resistance at that area.
To invalidate bullish outlook, EOS/USD must close below the $10 support, which could trigger a stronger move down, that could result in a decline towards $4 support area.
EOS/USD formed a double bottom at $10 support and today it broke above the descending channel. Current price action suggest the continuation of the uptrend, where EOS could reach strong resistance at $27. It is very close to the $30 psychological price and it is likely that EOS will find the resistance at that area.
To invalidate bullish outlook, EOS/USD must close below the $10 support, which could trigger a stronger move down, that could result in a decline towards $4 support area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.