A gravestone doji it is. That is what we are seeing in the weekly chart. If we bring this week’s candlestick under our focus it will go on and show the extent at which last week’s bear pressure was rejected.
So, will this bear pressure continue or is EOS value rising courtesy of the general bullish tide experienced by most alt coins? Of course yes, but the question of sustenance remains foggy at the moment.
For sure, it is good that prices tested the middle BB and buyers rejected further depreciation beyond that point perhaps because of the impressive project supported by this token.
However, from a trader’s perspective, there would be no bigger assurance than prices closing above $9 by the end of the week.
That way, bulls can begin hunting for buying opportunities in short time frames from next week. In case there is a depreciation then we envision a situation where EOS prices might find support at $5.5-July 2017 high or there about.
For the better part of this week, EOS prices have been in range mode-clear in lower time frame-oscillating within a $3 range with lows of $6.5.
Besides, we can focus of the waning bear momentum and a potential buy signal turning not only from the oversold territory but from the 61.8% Fibonacci retracement level at $6.5-the lower limit of this week’s range.
Now, $9.5 is our bull triggers and any close above that will surely reaffirm buy pressure following a double bar reversal pattern on February 5 and 6.
Even if prices accumulate like it is doing now, what is important is that prices are still above the middle BB-following that minor bull break out on February 7 and that the triple bottoms at $6.5 still holds.
As long as prices remain this way, then we can expect EOS to recover as they move towards $9.5 which is our bull trigger in the daily chart.