EOS - 12h. Is the correction still incomplete?

21 thg 4, 2021

Hello colleagues! It's time to update our EOS coin idea. The target of our previous idea has fully worked out and the price of EOSUSDT tested the range of $8-8.7 :

In this range, buyers met resistance from sellers and an aggressive counterattack. In just 1 day, the price of EOSUSD fell by 30%, stopping in the range of $5.4-5.9. Since then, starting on April 18, the EOS market has stalled in consolidation. Looking at the dynamics of the price movement, one gets the impression that the correction of the growth wave from March 25 has not yet been completed. The chart also shows that buyers were unable to accelerate the rise in the price of EOS and go beyond the black channel.
If we look at the weekly timeframe, we see that sellers have good potential to continue the price movement down to $4.3:

On the weekly timeframe, you can clearly see that the last two candles on large volumes were closed with pins up. This fact signals a global sell zone in the range of $8-8.7. The history shows that the last time the price of EOS was in this range was in May 2019. It was from this range that the global wave of decline began with a duration of 270 days.

Given these facts, we do not recommend buying EOS now. It is important to monitor whether sellers manage to break through and consolidate below the range of $5.4-5.9. Weakness of sellers in this range will give buyers a new chance to break out of $8-8.7, otherwise we would expect the price of EOS to decline to $4.3.

P.S. After testing the range $5.4-5.9 , we will update the idea. Therefore, like and write comments, so that you will receive a notification about the update of this idea!
________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!