/* custom css */
.td_uid_4_5da2e904a00da_rand {
min-height: 0;
}
/* custom css */
.td_uid_5_5da2e904a0279_rand {
vertical-align: baseline;
}
EOS is bullish in the short-term with dip-buying demand for the cryptocurrency still prevalent
The four-hour time frame shows the bullish inverted head and shoulders pattern has yet to reach its full upside objective
The EOS / USD pair’s medium-term outlook is currently neutral with bulls so far unable to hold price above the cryptocurrencies 200-day moving average
EOS / USD Short-term price analysis
EOS is bullish in the short-term, with the cryptocurrency trading above its 200-period moving average on the four-hour time frame. Furthermore, the neckline of the large inverted head and shoulders offer strong technical support on the recent pullback.
Technical indicators on the four-hour time frame are turning bullish, with scope to extend higher despite the recent strong rally. Traders should also note that the inverted head and shoulders pattern has yet to reach its full upside objective on the four-hour time frame.
EOS / USD H4 Chart (Source: TradingView)
Pattern Watch
If bulls fail to rally price above the cryptocurrencies current 2019 trading high, a bearish head and shoulders pattern could form on the four-hour time frame.
MACD
The MACD indicator is bullish on the four-hour time frame and continues to generate a buy signal.
Relative Strength Index
The RSI indicator is bullish on the four-hour time frame and has yet to move into overbought territory.
EOS / USD Medium-term price analysis
EOS has a neutral outlook over the medium-term, with the cryptocurrency failing to perform multiple daily price closes above its key 200-day moving average.
The strong rally in the EOS / USD pair during the month of February has now completely eradicated the presence of bullish MACD divergence from November 2018.
Traders should also note that the RSI indicator on the daily time frame is bullish and shows scope to move even higher if the recent rally gathers pace.
EOS / USD Daily Chart (Source: TradingView)
Pattern Watch
The daily time frame also shows that bullish inverted head and shoulders pattern has yet to reach its full upside target.
MACD
The MACD indicator on the daily time frame is conflicted, with the MACD histogram attempting to move higher while the signal line is trading in overbought territory.
Relative Strength Index
The Relative Strength Index is neutral, although it shows scope to move higher.
Conclusion
The recent move higher in the EOS pair has highlighted that buyers are still lurking on any dips lower, whilst the four-hour time and daily time frames are also suggesting the bullish inverted head and shoulders pattern has yet to reach its full potential.
Traders should carefully monitor the trading action around the EOS / USD pair’s 200-day moving average, as bulls and bears continue to fight for medium-term control of the cryptocurrency.
EOS Chart
Chart byCryptoCompare #ccpw-ticker-24547 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24547 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24547 a.tabperiods.tabperiods_active, #ccpw-ticker-24547 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24547 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24547 .coin-container:after, .ccpw-container_four #ccpw-ticker-24547 .coin-container:after {border-color:#ccc !Important;}
Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.
Comments