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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:

 

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