EOS breaks out above year-round resistance level

EOS has broken out of a minor resistance level at $ 4. This upper limit has been in effect since August 2019.

The EOS is expected to resume its upward trajectory and rise towards the resistance levels described below.

EOS long-term level

EOS has followed a descending resistance line since May 2019 before hitting a high of $ 8.65. EOS made three unsuccessful breakout attempts before finally crossing the line in November 2020.

After EOS confirmed the line as support, the upward move began and is still ongoing.

Technical indicators are bullish. The RSI, MACD and the stochastic oscillator are rising. The latter just made a bullish cross.

TradingView’s EOS chart

The next areas of resistance are at $ 7.65 (horizontal resistance) and $ 14.80 (0.618 fib retracement level).

Cryptocurrency trader @Thebull_Crypto has sketched an EOS chart and stated that the price is likely to rise to $ 7. The resistance line outlined is the same and the target aligns with our resistance target of $ 7.65.

Source: Twitter

Daily exercise

The daily chart shows that EOS broke above the small $ 4 resistance area on the fourth try. After being validated as a support, EOS has started moving upwards.

Similar to the weekly timeframe, the technical indicators on the daily chart are bullish.

While there is a minor area of ​​resistance at $ 5.50, it is more likely that EOS will rise to at least the $ 7.65 area.

TradingView’s EOS chart

Wavenumber

The wave number suggests that EOS is in the third wave of a bullish impulse that began with the March 2020 lows.

The number of sub-waves is displayed in orange, indicating that EOS is in sub-wave 3 of long-term wave 3.

A likely target for the top of the move is $ 6. This would give waves 1: 3 a ratio of 1: 1.61. Additionally, it is relatively close to the $ 5.50 resistance area previously outlined.

Falling below the underwave high of $ 3.45 would invalidate that particular wave number.

TradingView’s EOS chart

EOS / BTC

On January 11, EOS / BTC hit an all-time low of 694 satoshis. It has moved up slightly since then but is still within the all-time low support area of ​​800 satoshis. Additionally, EOS / BTC is still following a descending resistance line.

Technical indicators have started to show strength but are insufficient to predict a bullish trend reversal. Unless the stochastic oscillator forms a bullish cross or the RSI crosses above 30, we cannot consider the trend bullish.

TradingView’s EOS chart

diploma

EOS / USD is expected to continue moving higher towards the next resistance areas at USD 5.50 and USD 7.65.

EOS / BTC is trading near all-time lows but has yet to confirm a bullish trend reversal.

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here

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