EOS/USD seems undecided right now, so we should stay away for now and wait for a fresh trading signal. Price looks a little oversold on the daily chart, but we still need a confirmation that it will give birth to another upside movement.
EOS was into a corrective phase in the last months and now has shown some oversold signs, but it is premature to talk about a larger rebound as long as the Bitcoin remains bearish. EOS/USD changed little in the last days because the Bitcoin was bloodless as well.
It seems like that the behavior could change on the Daily chart, the rate has started to make higher lows, but as I’ve said higher, it is too early to talk about another leg higher.
The rate has started a corrective phase, after the false breakout above the 250% Fibonacci line at the end of April. Price has decreased, but it has failed to stabilize below the first warning line (WL1) of the former reading period and has moved away from this dynamic support after the failure to retest it.
I’ve drawn another descending pitchfork to catch the downside movement. EOS/USD has slipped below the median line (ML), that’s why I’ve drawn the inside sliding line (SL). You can see that the rate has failed to retest it in the last attempts and now has come back above the ML.
The crypto has managed to breakout above the 250% Fibonacci line, has come back down to retest it and now is fighting hard to jump higher. EOS/USD is trapped within a down channel, between the SL and the SL1 of the descending pitchfork.
The rate has found a temporary resistance at the intersection between the SL1 and the median line (ml) of the minor black ascending pitchfork. I’ve drawn the minor ascending pitchfork hoping that I’ll catch a potential upside movement.
EOS/USD has failed to test and retest the lower median line (lml) of the minor black ascending pitchfork, so we may have another bullish momentum in the upcoming days.
We’ll have a potential larger upside movement and a great chance to go long only if the rate will make a valid breakout above the SL1, above the outside sliding line (SL) of the former descending pitchfork and above the median line (ml) of the black ascending pitchfork and if it will continue to stay above the lower median line (lml).