EOS Mid-Week Analysis – Support Levels in Play – 04/09/19

EOS Price Support

It’s been a choppy start to the month and first half of the week for EOS. Following last week’s 8.91% slide, EOS was up by 0.88% Sunday through Tuesday.

A bearish start to the week saw EOS slide to a Sunday current week low $3.1068 before finding support.

In spite of the reversal, EOS steered clear of the first major support level at $3.0286.

Finding support from the broader market, EOS rallied to a Tuesday current week high $3.4706.

EOS came up short of the first major resistance level at $3.6853 before pulling back to $3.3 levels late on Tuesday.

A 2.12% slide on Sunday partially offset 2 consecutive days in the green to limit the upside on the week.

The extended bearish trend, formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall well 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 0.14% to $3.3574. A mixed start to the day saw EOS fall to an early morning low $3.3305 before striking a morning high $3.3643.

EOS continued to steer clear of the major support and resistance levels mid-week.

EOS/USD 04/09/19 Weekly Chart

For the remainder of the week

EOS would need to move back through to $3.3730 levels to support another run at the first major resistance level at $3.6853.

Support from the broader market would be needed, however, for EOS to break back through to the Tuesday current week high $3.4706.

In the event of a broad-based crypto rally through the 2nd half of the week, EOS would likely visit $3.7 levels and last week’s high $3.7167 before any pullback. We would expect EOS to come up short of $4.00 levels and the second major resistance level at $4.0293.

Barring a broad-based crypto breakout, however, the first major resistance level at $3.6853 would likely limit any upside in the week.

Failure to move back through to $3.3730 levels could see EOS see a second consecutive week in the red. A fall back through the current week low $3.1068 would bring the first major support level at $3.0286 into play

Barring a crypto meltdown, however, EOS steer clear of sub-$3.00 levels and the second major support level at $2.7159.

Looking at the Technical Indicators

 

Major Support Level: $3.0286

Major Resistance Level: $3.6853

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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