EOS Breaks Out From The Equilibrium Pattern But Sees No Continuation

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EOS has been one of the weakest cryptocurrencies in July 2019 and the trend seems to continue in August. EOS was in a 2 week equilibrium patter that broke bullish following the bullish Bitcoin break but saw zero follow-through. EOS is currently trading at $4.31 below the $4.44 resistance level. Bears were able to push down the price in just 1 day and the 26 day EMA resistance proved to be strong.

EOS is now trading below the 12 day EMA and bears are looking to break the $4.04 level and continue from there. This recent bull break does give the bulls a bit of hope if they can hold the $4.04 support and break the high to set a daily uptrend. The weekly continues to be a clear bear flag at this point and judging by the declining volume we might see a break this weekend. The monthly chart is not yet lost for the bulls which are looking to set a higher low and a higher high to confirm a monthly uptrend which would set the pace pretty much for the next year but we are still far from that happening.

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