This entry is part 2 of 24 in the series Technical Analysis by Workin

EOS has continued to rise as volume has steadily increased over the last 24 hours. It’s now finding resistance at a very small supply zone between $5.92-$6.00. I’m not seeing much resistance between $6.00 and $7.00. That said, a break above $6.00 could result in a rapid rise to $7.00.

Looking at the 4 hour MACD, we can see the MACD line is just breaking out of the wedge I’ve pointed out over the past week. If the signal line follows, this could be the larger breakout we’ve been waiting for.

Keep in mind, for a sustainable bull run, volume MUST continue to increase. While it has increased over the last 24 hours, it’s no where near high enough to fuel a longterm bull run…not yet anyway.

Price has tested the 200 day MA on the 4 hour chart. A break above would be a very bullish sign.

I’m counting this latest rise as the 3rd of 5 waves up. If volume continues to increase, I can see it playing out like this:

In today’s video analysis, I discuss traps to avoid, what to expect over the next few days and MUCH more.

BIAS:

Short Term: Slightly Bullish

Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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