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EOS / USD Technical Analysis: Poking The Bull

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  • 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

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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