EOS Technical Analysis: EOS/USD eyes on a bull flag formation, despite Jimmy Song calling EOS a scam
|- EOS price trading in the red on Tuesday, down over 1% in the latter part of the session.
- Despite the losses been nursed, EOS/USD price action has formed a bullish flag pattern, seen on the 60-minute chart.
- Closely followed Bitcoin developer Jimmy Song, noted in an interview that EOS is a scam. Stating further, "working for something EOS… I don’t think it’s a really idea because it will die in a horrible dumpster fire in the next five years. Doing something for an ICO, that’s not gonna last. You’re not going to have anything good on your record by joining a lot of this stuff.”
EOS/USD 60-minute chart
Chart to follow
Spot rate: 5.5292
Relative change: -1.26%
High: 5.6820
Low: 5.4723
Trend: Bearish
Support 1: 5.5078, lower part of flag.
Support 2: 5.4928, 50MA (60-minute).
Support 3: 5.3801, 100MA (60-minute).
Resistance 1: 5.6190, upper part of flag.
Resistance 2: 5.6806, resistance on 60-minute chart.
Resistance 3: 5.7710, supply area.
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.