EOS / BitcoinLong
EOS Technical Analysis: Change in Bearish Trend on the Horizon?
Conclusion for today’s EOS technical analysis: The current downside potential for EOSBTC is limited and should be followed by a bullish swing in price.
The 6 hour timeframe candlestick chart of EOSBTC is presented using a log scale. Context is provided for price action to current date since inception using a bearish channel (tentative).
Also indicated on the chart is the bearish price channel previously active since June of 2019 prior to break out in price on July 17, 2019. A breakout from the bearish channel is bullish. However, formation of a pennant patter as highlighted on the chart following breakout does suggest a continuation of the current downtrend.
A close below ~0.000379 will further strengthen the bearish bias. In such a scenario, ~0.000309 (the lower boundary of the major bearish channel) would be anticipated as target for price action.
Price levels to watch out for resistance on resumption of a bullish swing in price from the bottom includes 0.000429 and also 0.000534.
The 6 hour timeframe candlestick chart of EOSBTC is presented using a log scale. Context is provided for price action to current date since inception using a bearish channel (tentative).
Also indicated on the chart is the bearish price channel previously active since June of 2019 prior to break out in price on July 17, 2019. A breakout from the bearish channel is bullish. However, formation of a pennant patter as highlighted on the chart following breakout does suggest a continuation of the current downtrend.
A close below ~0.000379 will further strengthen the bearish bias. In such a scenario, ~0.000309 (the lower boundary of the major bearish channel) would be anticipated as target for price action.
Price levels to watch out for resistance on resumption of a bullish swing in price from the bottom includes 0.000429 and also 0.000534.
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