EOS/USD Medium-term Trend: Bearish
Resistance levels: $ 8.0, $8.5, $9.0
Support levels: $7.0, $6.5, $6.0
Yesterday, June 28,price of EOS was in a downward trend. Today, the cryptoasset is still bearish. Although, on June 24, the cryptoasset fell to the low of $7.14 and had been fluctuating between the support level at $7.14 and the resistance level at $8.20. However, you can trade ranging market pending when the cryptoasset breaks out of the range-bound zone.
That is if price tests the support level, you take a long trade and place your stop loss below the support level. Then you exit your trade near the resistance zone. On the other hand, if price tests the resistance level, you take a short trade, and a stop loss above the resistance level. Then you exit your trade near the support zone. From the 4-hour chart, the MACD line and the signal line are below the zero line which indicates a sell signal.
EOS/USD Short-term Trend: Bearish
On the 1-hour chart, the price of EOS is in a bearish trend. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal.Also, the 12-day EMA and the 26-day EMA are above the price bars of EOS which indicates that the bearish trend is ongoing. However, the relative strength index period 14 is level 38 which indicates that the market is oversold suggesting to take control of the market.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.