EOS/USD technical analysis: EOS has moved into a small consolidation pattern

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  • EOS/USD has just moved south and now trades 1.13% lower on the session.
  • The pair is now forming a consolidation pattern between 2.818 and 2.975.

 

EOS/USD is one of the more bearish cryptocurrencies on Monday and the last couple of four-hour candles have been hijacked by the bears.

Now there is a pronounced consolidation point between 2.818 and 2.975 and a break either way could confirm the longer-term direction.

The relative strength index (RSI) has moved higher and made a higher high wave but the price has made an equal wave high at 2.975. This momentum could take price lower.

The volume on the sell-side is much higher than the buy-side volume and the support target is 2.828.

Before that, there is a support level at 2.865 that might cause the bears some problems.

EOS analysis

 

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