EOS Price Technical Analysis (June 4): Uptrend but Indecisive

EOS Cryptocurrency Analysis

EOS (EOS)trade is currently trading at $6.84. The price was in an uptrend but there was a formation of a bearish belt hold pattern at the resistance level. It is a trend reversal pattern indicating resistance.

Minor support is at $6.33 and major support is at $5.81 with resistance at $8.57. It is suggested not to take long position at this price.

EOS Graph June 4

Dow Theory

According to Dow Theory, the digital coin is currently appearing in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be long lasting, but also the one with the largest price movement potential. It is also the phase in which most technical and trend traders start to take long positions. The trendline is also acting as support.

Moving Average

Taking 9 period moving averages (blue) with 21 period moving averages (red), although, there is bullish crossover but the price is below nine and twenty-one period moving averages indicating correction.

EOS Moving Average June 4

Bollinger Bands

The price is moving between the channels, with the upper limit acting as resistance. The price after touching the upper limit is declining indicating further correction. The middle average line can act as support. The downward breakout can be false wait for the confirmation.

EOS Bollinger Bands June 4

Conclusion

EOS is currently trading at $6.84. The support is at $5.81 with resistance at $8.57. It is suggested to wait until the price touches the support or minor support of $6.43. The above levels can be used for swing trading.

The current momentum is negative but the formation of doji indicates indecision; also, the RSI is moving towards the oversold region. The overbought region can act as a buying point. The midterm target is $10.70.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 3.9324 5.0667 6.3894 7.5237 8.8464 9.9807 11.3034
Fibonacci 5.0667 6.0053 6.5851 7.5237 8.4623 9.0421 9.9807
Camarilla 7.0363 7.2615 7.4868 7.5237 7.9372 8.1624 8.3877
Woodie’s 4.0264 5.1137 6.4834 7.5707 8.9404 10.0277 11.3974

Technical Indicators

Name Value Action
RSI(14) 61.467 Buy
STOCH(9,6) 51.047 Neutral
STOCHRSI(14) 60.943 Buy
MACD(12,26) 0.536 Buy
ADX(14) 46.327 Buy
Williams %R -35.306 Buy
CCI(14) 145.4924 Buy
ATR(14) 1.0549 High Volatility
Highs/Lows(14) 0.9996 Buy
Ultimate Oscillator 51.850 Buy
ROC 92.927 Buy
Bull/Bear Power(13) 3.4640 Buy

What do you think about the article?

Sharing Is Caring: