EOS Analysis – Resistance Levels in Play – 17/04/19

It’s been a choppy start to the week. Mid-week gains could see another breakout going into the weekend.
Bitcoin and Litecoin over dollar banknotes.

EOS Price Resistance

It’s been a choppy start to the week for EOS following last week’s 2.25 gain, which came off the back of a 29% rally in the week prior.

A bearish start to the week saw EOS fall by 4.77% on Monday to $5.34 levels before finding support.

Steering clear of the week’s first major support level at $5.11, EOS recovered to $5.55 levels on Tuesday. A 4.01% gain on the day was not enough to reverse Monday’s loss, however, or see EOS return to $6 levels struck in the week ending 14th April.

Moves through the early part of the week saw EOS fall well short of the week’s first major resistance level at $6.0856.

The extended bearish trend, formed at last May’s swing hi $23.039, remained firmly intact. EOS continued to fall short of the 23.6% FIB Retracement Level of $6.62, following December’s swing lo $1.55.

In spite of the mixed start to the week, it’s been a particularly positive start to the quarter, with EOS up 30.5% to the end of Tuesday.

For the bulls, a breakout from the 23.6% FIB of $6.62 to test the 38.2% FIB of $9.76 would be needed for a near-term bullish trend formation.

At the time of writing, EOS was down by 0.85% to $5.5067.

[fx-image src=https://www.tradingview.com/x/QbUETonJ/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/QbUETonJ/]

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For the remainder of the week

A move through to $5.59 levels would be needed for EOS to take a run at $6.00 levels later in the week. Support from the broader market would be needed, however, for EOS to breakout from current levels. Barring a crypto rally, EOS will likely come up short of $6.00 levels in the week. In the event of a breakout, however, EOS will likely break through the first major resistance level at $6.0856.

While last week’s high $6.0726 and the first major resistance level will pin EOS back, upward momentum across the broader markets would bring the second major resistance level at $6.5669 into play before any pullback.

Failure to move through $5.59 levels could see EOS resume the downward trend from the start of the week.

A fall through the current week low $5.2175 would bring the week’s first major support level at $5.11 into play.

Barring a broad-based crypto sell-off, EOS will likely steer clear of sub-$5.00 support levels through the week. In the event of a crypto meltdown, EOS will likely test the second major support level at $4.6157.

EOS will unlikely revisit April’s low $4.20 in the event of a reversal through the week.

Looking at the Technical Indicators

 

Major Support Level: $5.1100

Major Resistance Level: $6.0856

23.6% FIB Retracement Level: $6.62

38.2% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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