EOS Mid-Week Analysis – Support Levels in Play – 28/08/19

EOS Price Support

It’s been a relatively choppy first half of the week for EOS. Following last week’s 2.74% gain, EOS was down by 3.06% Sunday through Tuesday.

A bearish start to the week saw EOS slide to a Sunday current week low $3.4662 before finding support.

Steering clear of the week’s first major support level at $3.4152, EOS rallied to an early Monday current week high $3.7167.

The Monday rally saw EOS only partially recover a 3.22% slide from Sunday, however. A pullback from the early current week high left EOS with just a 1.05% gain on the day.

In spite of the Monday breakout, EOS came up short of the first major resistance level at $3.8591 to ease back to sub-$3.6 levels.

A 2nd day in the red on Tuesday added to the downside for the current week.

The extended bearish trend, formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.

At the time of writing, EOS was down by 0.58% to $3.5352. A bearish start to the day saw EOS fall from an early morning high $3.5556 to a low $3.5000.

EOS continued to leave the week’s major support and resistance levels untested.

EOS/USD 28/08/19 Weekly Chart

For the remainder of the week

EOS would need to move back through to $3.6100 levels to support a run the current week high $3.7167

Support from the broader market would be needed, however, for EOS to break back through to the current week high $3.7 levels.

In the event of a rebound from the current week losses, EOS would likely test the first major resistance level at $3.8591 before any pullback.

Barring a broad-based crypto breakout, however, EOS would likely come up short of last week’s high $3.8013.

Failure to move back through to $3.6100 levels could see EOS add to the current week losses. A fall back through the current week low $3.4662 would bring the first major support level at $3.4152 into play

Barring a crypto meltdown, however, EOS should steer clear of last week’s low $3.3163 and the second major support level at $3.1644.

With EOS down by 20.2% for the current month to the end of Tuesday, a move back through to $4.00 levels near-term is key.

Looking at the Technical Indicators

Major Support Level: $3.4152

Major Resistance Level: $3.8591

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Please let us know what you think in the comments below.

Thanks, Bob

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