EOS finally broke out of the wedge it was in, as well as the descending resistance (yellow line). Unfortunately, we aren’t seeing any real volume to back it up. This makes me think it may have been an attempt by market makers to liquidate short positions. There’s a couple strong levels of resistance between $5.30-$5.45 and $5.60-$5.80. The latter is where many sell orders are waiting. If EOS is going to break above, there has to be a large increase in volume (new money entering the market).
In today’s video analysis, I discuss short term price movement, market psychology and MUCH more.
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 to Slightly Bullish
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
