Technical Analysis EOS March 2019

Technical Analysis of EOSUSD March 22, 2019

Introduction

Diar, in a recent weekly digest, analyzed EOS as the most staked Proof of stake (POS) coin in terms of USD, about $1.8 billion according to the calculations, indicating bullish sentiment and a rise in speculative adoption. Join us as we take a look at critical price patterns driving the current bullish campaign on the EOSUSD.

Technical Analysis of EOSUSD March 22, 2019

EOSUSD: Monthly Chart

Technical Analysis EOSUSD -Monthly Chart

The crypto winter from the monthly chart of EOSUSD last from May ’18 to January ’19, this is after establishing the highest high of 23.1510. A bearish inside bar was triggered on May ’18, followed by a bearish accumulation on Jul ’18.

On to the double bearish accumulation pattern which involved the month of September and October ’18, the EOS price quickly entered what appears to be the last bearish descent of about 69%.

Finally, the price broke out of a more recent bearish accumulation pattern last month February ’19 after closing at 3.5681.

EOSUSD: Weekly Chart

Technical Analysis EOSUSD - Weekly Chart

A view from the weekly chart shows consecutive bearish closing candles that started from the 5th of November to the 10th of December ’18. Like the monthly chart, price breaks out of a bearish accumulation pattern on the 17th of December ’18, with critical support at 1.550.

Following a retracement of the bullish price jolt on the 17th of December ’18, the price quickly retraced the gains. This price correction didn’t last for long, as the bullish trend gets confirmed by a double bullish accumulation pattern from the 21st -28th of January ’19.

Here, we get a nice low-risk entry point and earlier confirmation to the breakout of the monthly chart breakout, netting an 87.7% gain to a 10.6% risk.

EOSUSD: Daily Chart

Technical Analysis EOSUSD - Daily Chart

The above daily chart started by triggering a bullish regular divergence pattern on the 02nd of February ’19 and later a breakout of bearish accumulation on the 08th of Feb ’19, confirming the ongoing bullish trend on the weekly chart. This allows for scaling in additional bullish trade which made a 63.46% gain at a 16.7% risk.

EOSUSD: 4-HOUR Chart

Technical Analysis EOSUSD - 4 Hour Chart

The 4hour chart is not left out of the early bullish campaign, as a bullish hidden divergence pattern is triggered and confirmed by a breakout of bearish accumulation on the 15th of February ’19, 16:00 with support at 2.76.

An opposite trend reversal pattern in the form of a bearish regular divergence was triggered on the 24th of February ’19 12:00 with high bearish volatility.

Later, on the 05th of March ’19 00:00, another bullish regular divergence was confirmed by a bullish accumulation for a bullish rally of 21% against a risk of 5%. From that point onward, price entered into choppy bullish and bearish swings triggered on the 07th of March ’19 08:00, the 14th of March ’19 12:00, and the 16th of March ’19 12:00.

EOSUSD: 2-HOUR Chart

Technical Analysis EOSUSD - 2 Hour Chart

On March 04th ’19, the 2hour chart of EOSUSD fires up a series of consecutive bullish accumulation patterns highlighting a huge presence of bulls in the market, after a % price plummet.

Critical Resistance Levels of EOS (EOS)

4-Hour

4.539, 4.0165, 3.9285

Daily

4.537

Weekly

5.8370, 4.5370, 3.2080

Monthly

23.1510, 9.4456, 6.8299

Critical Support Levels of EOS (EOS)

4-Hour

3.5410, 3.1477

Daily

3.5003, 3.1534, 2.3163, 2.183

Weekly

2.183, 1.550

Monthly

1.55

Conclusion and Projection

We look forward to a price rally to the upside and using the critical resistance level of 6.8299 as a possible profit target. This appears to be a good time to HODL some EOS as all the time frames seems to converge.

If you are interested in reading more about EOS feel free to look at our other articles:

TECHNICAL ANALYSIS OF EOS – FEBRUARY 2019

FUNDAMENTAL ANALYSIS EOS – DECEMBER 2018

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