Cryptocurrency
by Seth Parker on December 31, 2018

EOS Analysis – Flag points south

Last technical piece of the day will be EOS, so a crypto, which was previously mentioned here on the 29th of November. Back in that day, the price was around 3.17 USD and we were very bearish. Our view was backed up by a strong technical situation and the fact that EOS was showing a great respect to the price action principles. This is what we wrote back then:

“On Tuesday, EOS made new long-term lows and it does not look good. The sell signal remains strong and is on the table as long as the price stays below the green line. „

The price was in a freefall till the 7th of December, when we reached the local bottom on the 1.57 USD. That is around 50% drop in value, so I guess you can call the previous analysis a spot on one. Since the 7th of December, we do have a small correction, which is shaped like a flag (green). Technically, the flag should result with a breakout to the downside and a further slide. In my opinion, that is the most probable scenario at the moment. The sell signal will be denied, when the price will break the purple horizontal resistance but chances for that are very limited.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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