EOS Technical Analysis: EOS/USD extends downfall to reach beyond triangle breakdown target
EOS/USD bears still in the driving seat with price falling 75% over the last 4 weeks
Consolidation is required to avert further continuation of this severe fall
Bulls need to push back above the $2.20 area or EOS could retrace entire bull move from $0.50 cents in 2017
EOS bears have been in full control and no doubt enjoying themselves as they have exceeded bearish targets on the downside (between $2.20-$2.30) of a triangle breakdown which occured from around the $5.20 level. From this breakdown to the recent lows of $1.56, a gain of up to 75% has been enjoyed by bears (shorts) in less than 4 weeks. So what's next?
EOS/USD is down about 20% from the previous sessions rebound highs towards $2.00, trading currently at $1.80 at the time of writing, however still above the recent lows around $1.56. As visible on the daily chart below, EOS has reached far beyond its potential triangle breakdown price levels and is now sitting at a critical juncture from where, if it is unable to bounce back, it could end in prices going all the way down to $0.51 cents - the starting point of last year's rally in EOS, essentially retracing 100 percent of the entire rally.
Oversold momentum indicators like the RSI might provide some help to bulls for now although on the upside, bulls face resistance around $2.20 from where bears may come back in force.
EOS Technical Analysis: EOS/USD bulls need to break $2.20 area
EOS/USD is trading around $1.80 at the time of writing, 20% above fresh yearly lows struck in the previous session around $1.56
Key support levels to watch $1.56 (Current yearly low struck in previous session)
Key resistance levels $2.20 (Top of descending channel )