2019-4-10 17:02 |
EOS is bullish in the short-term, with the cryptocurrency trading at its highest level since November 7th, 2018 The four-hour time frame shows bearish MACD price divergence is now present The daily time frame shows that a bullish inverted head and shoulders pattern is close to forming EOS / USD Short-term price analysis
EOS is bullish in the short-term, with the cryptocurrency advancing to its highest level since November 7th, 2018.
The four-hour time frame shows a bullish descending triangle breakout, with the upside projection of the pattern now complete. The four-hour time frame also shows that bearish MACD price divergence is now present.
Technical indicators on the four-hour time frame are starting to turn higher and are showing growing bullish momentum over the short-term.
EOS / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that the EOS / USD pair is still creating bullish higher price highs and lower price lows across the four-hour time frame.
Relative Strength Index
The MACD indicator on the four-hour time frame is starting to turn bullish, although bearish MACD divergence has formed during the latest upside rally.
MACD Indicator
The RSI indicator is also bullish on the four-hour time frame and is steadily rising.
Fundamental Analysis
In the short term, EOS price momentum remains strong. The uptrend has been supported by the listing on Coinbase and also by the overall positive expectations from the project.
EOS / USD Medium-term price analysis
EOS has a bullish trading bias over the medium-term, with the cryptocurrency surging to a fresh 2019 trading highs since breaking above its key 200-day moving average.
The daily time frame is showing that a large inverted head and shoulders pattern is now close to taking shape. The mentioned time frame is also showing that bullish MACD price divergence is still present from last year.
Technical indicators on the daily time frame are now starting to appear overstretched.
EOS / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that the bullish projection of the inverted head and shoulders pattern would take the EOS / USD pair towards levels not seen since June 10th, 2018.
Relative Strength Index
The MACD indicator on the daily time frame is conflicted, with the MACD signal line and MACD histogram moving in different directions.
MACD Indicator
The MACD indicator on the daily time frame is conflicted, with the MACD signal line and MACD histogram moving in different directions.
Fundamental Analysis
The medium-term outlook will depend on the ability of the project to continue positive developments and expansion of the ecosystem. Overall, investors have been bullish on the project, after Dan Larimer (founder of EOS) hinted at a big announcement, that will be made on June 1st.
Conclusion
The EOS / USD pair continues to steadily rise, with a large bullish inverted head and shoulders pattern starting to take shape across the daily time frame.
The presence of bearish MACD price divergence on the four-hour time frame suggests a minor technical correction may occur once the cryptocurrency reaches it near-term upside target, although the bullish MACD divergence on the daily time frame is pointing to further strong medium-term gains.
For a brief introduction to the EOS platform, check out our coin guide.
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