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Thread: EOS/USD Analysis

  1. #46
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    EOS/USD

    The price of EOS has also broken out from its ascending range but fell only by 7.36% from its highest point on Sunday at $2.81 to 2.61. Like in the case of Litecoin the price spiked to the upside yesterday coming to retest the 0.786 resistance level but shortly fell back to the levels from which the increase was made.



    Looking at the hourly chart, we can see that the price of EOS formed an ascending channel in which the price moved in a five-wave manner. This could be interpreted as a leading diagonal especially considering that this occurred after an interaction with the 1.272 Fibonacci level and the decline from the breakout momentum out of the ascending triangle.

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    EOS/USD

    From Sunday when the price of EOS was sitting at $2.776 at its highest point we have seen a decrease of 8% measured to today’s lowest point at $2.554. The price is currently being traded slightly above today’s low but is showing early signs of minor reversal developing.



    Looking at the hourly chart, we can see that the price of EOS hasn’t fallen back to the levels of the prior low like we have seen in the case o Litecoin but a similar pattern is developing as we have seen a descending triangle forming from the end of November. This means that a similar expectation is made although we might not see a retest of the prior low for the completion of the ending diagonal.

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    EOS/USD

    From Monday’s high at $2.56 the price of EOS has decreased by 15.23% measured to the lowest point the price has been this week which is at $2.17 made yesterday. But the price started moving to the upside impulsively from yesterday’s low and came back to $2.511 which is an increased of 15.56%. Currently, the price is being traded at $2.46 and is consolidating.



    On the hourly chart, we can see that the price fell below the 1.272 Fibonacci level which was the prior low and presumed to be the ending point of the 3rd wave of a lower degree from a five-wave move to the downside which is considered a C wave of a higher degree. Like in the case of Litecoin we have seen a spike to the upside but in EOS’s case, the price hasn’t found resistance at the prior horizontal level and only made a minor retracement.

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    EOS/USD

    Like in the case of Litecoin, the price of EOS has recovered significantly from last Wednesday when it was sitting at $2.19 at its lowest point, coming to $2.6 at its highest on Monday this week which was an increase of 18.6%. Currently, the price is being traded at around $2.49 as it was in a downward trajectory since the start of the week.



    As you can see by looking at the hourly chart, I was expecting this spike to the upside but as the beginning of the larger recovery. A five-wave move to the upside developed which could be the 1st sub-wave of the higher degree impulse wave. If this is true then the decline seen from Monday is its 2nd wave developing which can push the price all the way back to the prior low although unlikely.

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    EOS/USD

    On the EOS chart, you can see a similar picture as in the case of Litecoin, as this cryptocurrency also experienced an exponential increase from the start of the year. From the 3rd of January when the price was sitting at $2.44 we have seen an increase of 65.82% measured to the highest point the price has been which is at around $4 made Tuesday this week.



    On the hourly chart, you can see that the price is currently being traded at $3.6 and is retesting the 0 Fib level for support which is the significant ending point of the upper range and serves as a pivot point. As the price spiked inside the territory of the upper range and managed to stay above the 0 Fibonacci line it could mean that further increase is highly probable but if the price falls below the mentioned level further decrease would look more likely.

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    EOS/USD

    The price of EOS has also decreased back to the levels of Monday’s low as it came down by 4.81% to $3.496 at it’s lowest point today. It is currently being traded slightly above $3.5 mark but is struggling to make any movements and is stuck in a tight range. This is indicated by the wicks on the hourly candles from both sides which you can see from the hourly chart below.



    From the yearly high at $4.05 which was made on the 14th of January the first time and later retested on the 17th, we have seen a decrease of 15.7% measured to the Sunday’s low at $3.42. This amount of decrease in combination with the wave structure and the impulsiveness seen, especially on Sunday implies that the correction of a higher degree started with the mentioned decline of over 15% being its first wave.

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