In yesterday’s video analysis, I warned the $4.57 support would likely break. I said if it did, price may drop to $4.00. Price did fall, but it found support at $4.17 rather than $4.00. It's consolidating in what may be a bear flag. This suggests we may see $4.00 after all.
Having said that, the 1 day RSI is extremely oversold. It’s reached it’s lowest point since Bitfinex had an EOS/USD pairing...granted that’s only been for 1 year.
The 4 hour RSI is also very oversold. A break above the descending resistance (yellow line) would indicate a possible momentum shift toward the bulls.
My Elliot count still has EOS with 1 more leg down....targeting $4.01. However, with the RSI as over sold as it is, we could see a bounce at any time. Below you’ll find my big picture Elliot count. I also posted a zoomed in version showing the $4.01 target.
In today’s video update, I discuss short term price movement, where I’m stacking my buy orders, how I plan to trade, 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:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
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
