EOS/USD Medium-term Trend: Bullish
Resistance levels: $9.0, $9.5, $10.0
Support levels: $8.0, $7.5, $7.0
Yesterday, July 5, price of EOS was in a bullish trend. We were discussing the usefulness of the bullish trend line in a bullish market. You can initiate long trades as long as the bearish candlestick tests the bullish trend line. Today, we can no longer continue with the bullish trend line because price of EOS has broken the bullish trend line.
The implication is that once price breaks the trend line, price of the cryptoasset is likely to reverse. However, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars of EOS is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is continuing. Nevertheless, the relative strength index period 14 is level 43 which indicates that price of EOS is in the sideways trend zone.
EOS/USD Short-term Trend: Bearish
On the 1-hour chart, the price of EOS is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. In the short term trend, the 12-day EMA and the 26-day EMA are above the price bars of EOS which indicates that the bearish trend is continuing.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.