2019-1-3 18:54 |
EOS Daily Chart – Source: Tradingview.com
EOS had an extremely bearish 2018 which ended in a steep downtrend that resulted in price forming a 2018 low around $1.65.
EOS has been forming a far more bullish pattern to start in 2019. It is currently forming an ascending triangle pattern.
An ascending triangle pattern is a bullish continuation pattern formed by an upward trend line and a point of resistance.
EOS is approaching the end of this pattern with the resistance level coming into play at $2.90.
The resistance at $2.90 is likely sellers anticipating the price to struggle in overcoming $3 and selling early.
Momentum has been on the side of buyers with both the RSI and MACD increasing.
This increases the likelihood that the ascending triangle pattern can play out and price can continue to increase. The MACD has also recently crossed its centerline to the upside, a bullish signal.
EOS 4hr Chart – Source: Tradingview.comThe 4hr chart provides a closer look at the recent price action of EOS.
Although the price has risen above resistance at $2.9 and also dropped below the upward trend line, it quickly retraced on both occasions.
Price is currently trading at $2.7 and approaching the end of the ascending triangle pattern.
The recent bullish conditions are taking place across the cryptocurrency market increase the likelihood that price can break above the $2.90 level and continue its upward trend.
Key Takeaways: After an extremely bearish 2018, EOS has had a bullish start to 2019. An ascending triangle has been forming in EOS with an uptrend and resistance at $2.90. Increasing buyer momentum and the recent bullish conditions across the market increase the likelihood that price can continue its upward trend and break above the resistance at $2.90. Latest EOS News:Alex Casassovici Talks Azarus, a Gaming ‘Challenges’ Platform Built on EOSIO
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Is EOS Setting up to Outperform in 2019? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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