EOS Bulls Take the Lead

September 9, 2019 By: Lorenzo Stroe

A few top cryptocurrencies were really close to break outs from their Equilibrium Patterns, Litecoin, for instance broke bullish, however, there was not enough continuation afterwards. EOS on the other hand, broke bullish from the pattern in a big way, breaking above both EMA’s as well as all the other 3 daily resistances of $3.71, $3.776 and $3.80, currently trading at $3.9.

The bulls definitely proved themselves and are enjoying a really nice increase in volume as well as an imminent bullish EMA cross.

The 4-hour chart is still in control of the bulls as we have not seen any significant correction or consolidation just yet. The uptrend is really strong even though we are in the overextended RSI zone. The bulls would want to see a larger healthy consolidation to cool off the RSI levels before the next leg up.

The weekly chart, however, hasn’t changed much and anything below $4.77 is just another lower high of the weekly downtrend. The 12-day EMA is all the way up at $4.25 which is the next big resistance for the bulls. The last week had 50% more volume than the previous 2 weeks.

Similarly the monthly chart, hasn’t changed much although the bulls are setting a nice higher low compared to $1.55 which means we could see an equilibrium pattern play out for the rest of the year.

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