Yesterday I told you price had entered a key demand zone. All indicators were oversold on all timeframes. As expected, price bounced and is currently consolidating around $5.80. Pulling from the prior high, we can see EOS is approaching the 0.382 fib level at around $6.03. This coincides with a tiny order order block between $5.93-$6.00. I expect price will bounce off this area and retest the demand zone between $5.60-$5.10.
Looking at the 4 hour chart, we can see price is finding resistance at the 8 day EMA. This is a rather bearish sign of weakness.
The 1 day RSI shows a clear descending resistance. A break above would signal a large shift in momentum towards the bulls.
In today’s video update, I discuss short term price movement, possible trade setups, traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
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BIAS:
Short Term: Slightly Bearish
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005