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Technical analysis: EOS

in#cryptocurrency•

The short term technical picture for EOS improved a lot over the last few hours. EOS bounced nicely at the former bottom, formed on the 20th of July. This bounce was supported by the positive crossing of the 10 and 20 day moving averages, a move above the middle exponential Bollinger band and positive signals in the MACD.

Currently EOS is having a small pullback to get out of overbought territory in RSI, but still sitting nicely above the 10 day moving average.

To confirm this move as a continuation of the uptrend I would like to see a positive crossing in the 10 and 20 day moving averages in the 4hr graph. So far this hasnt materialised yet, although the RSI is trending upwards and MACD is moving nicely towards a positive signal.

My short term recommendation is buy, with a stoploss at the middle Bollinger band.

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  • jwolf profile picture

    thanks for analysis! Hope it will grow!

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          • cryptor47 profile picture

            I haven't decided on EOS yet.. the insanely huge market cap from year-long ICO bothers me a lot.. could FAIL or be a MONSTER in a couple of years

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            • snowy1nl profile picture

              I agree, that's why i like to trade it based on technicals. It keeps you on top of things, and making use of the volatility can create some nice returns. Being it one of the more liquid pairs, it's easy to buy and sell without too much slippage.

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