EOS bears overachieve themselves
|- EOS extends downfall to reach beyond triangle breakdown traget.
- If not sustained, this fall could deepen even further.
EOS bears have been rejoicing with joy as they have overachieved their bearish targets on the downside of a triangle breakdown, as reported last week by this author (read here). What next? If prices don't stabilise here, then chances of a severe breakdown are quite high.
EOS/USD down more than a percent on day at $1.837, slightly above day's low. As visible on the daily chart and 720-minute chart, EOS has reached far beyond its potential triangle breakdown price levels and is now sitting at a critical juncture from where, if it is unable to bounce back, it could end in prices going all the way down to $0.51 - starting point of last year's rally in EOS, essentially reaching 100 percent retracement of the entire rally.
Oversold RSI might provide some help for now although on the upside, it faces resistance around $2.10 from where bears may come back in force.
EOS/USD 720-minute chart:
EOS/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.