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EOS Technical Analysis: EOS/USD channel to the skies or down under?

EOS was seen trading down some 1.60% in the latter stages of trading on Wednesday.
EOS/USD is moving within an ascending channel to the north. However, such pattern can be subject to a breakout to the downside at some point.
The price was subject to some touted profit-taking, as seen across the board.

Ken Chigbo Independent Analyst

EOS/USD 4-hour chart

Spot rate: .5.6759

Relative change: -1.77%

High: 5.8377

Low: 5.6210

Trend: Bearish

Support 1: 5.5640, lower trend line of channel.

Support 2: 5.4157, 50 & 100MAs (4-hour).

Support 3: 5.2751, 3 November low.

Resistance 1: 5.8090, upper part of channel.

Resistance 2: 5.8377, session high (Wednesday) & resistance.

Resistance 3: 6.0000, psychological level & supply area.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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