EOS Analysis – Resistance Levels in Play – 29/05/19

The bulls will be eyeing a move back through to $8.00 levels to resume the current week bull run…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS Price Resistance

It’s been a particularly bullish start to the week for EOS. EOS was up by 27% for the current week, Sunday through Tuesday. The gains came off the back of an 8.54% gain last week, Sunday through Saturday.

EOS saw 3-consecutive days in the green, with a 9.2% gain on Sunday and a 15.7% rally on Monday delivered the lion’s share of the gains.

The current week rally saw EOS rise from a Sunday current week low $6.2112 to a Monday current week high $8.2728.

Steering well clear of the first major resistance level at $5.8703, EOS broke through the 23.6% FIB Retracement Level of $6.62 and major resistance levels.

A pullback to sub-$8.00 levels on Tuesday saw EOS fall back through the third major resistance level at $8.0031 before recovering by the day end.

Following a 19% gain in April, it’s been a particularly bullish month EOS. For the current month to the end of Tuesday, EOS was up by 60%.

In spite of the upward momentum, the extended bearish trend formed at last May’s swing hi $23.039 remained intact. EOS continued to fall well short of the 38.2% FIB of $9.76, following December’s swing lo $1.55.

For the bulls, a breakout from the 38.2% FIB of $9.76 would be needed to form a near-term bullish trend.

At the time of writing, EOS was down by 3.16% to $7.8489. The bearish start to the day saw EOS pullback through the third major resistance level at $8.0031 in the early hours.

For the remainder of the week

A move back through the third major resistance level at $8.0031 would signal a resumption of the current week rally.

EOS would need to move through the current week high $8.2728 to take a run at $8.80 levels.

Support from the broader market would be needed, however, for EOS to take a run at $9.00 levels..

A broad-based crypto rally could give EOS a run at the 38.2% FIB of $9.76.

Following the current week’s gains, a lack of support from the broader market would likely see EOS hover around the third major resistance level.

Failure to move back through the third major resistance level at $8.0031 could see EOS hit reverse.

A pullback through $7.50 levels could bring sub-$7.00 levels into play before any recovery.

Barring a crypto meltdown, however, EOS will likely continue to hold above the first major resistance level at $6.7522 in the week.

In the event of a crypto meltdown, expect a slide to $6.2 levels before any recovery.

Looking at the Technical Indicators

 

Major Support Level: $5.8703

Major Resistance Level: $6.7522

23.6% FIB Retracement Level: $6.62

38.2% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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