Uptrendline support and SMAs:
On the weekly time frame chart, it can be easily observed that the price action of EOS coin has found if very strong long-term uptrend line support. And price line is not able to break down this trendline support for a very long time period. Recently the candlesticks of EOS have re-tested this trend line support and now moving above this level. At the same time, the price line of EOS has also tested the 50 and 100 simple moving averages. The 50 simple moving average has already crossed up the 100 simple moving average which is a bullish signal, because when the smaller time period moving average crosses up the bigger time period moving average that is considered a buying signal.
Stochastic and Momentum:
If we take a look at the stochastic oscillator on the weekly time frame then it can be noticed that for several weeks it is moving in the oversold zone, indicating that the market of EOS is quite oversold. But if we take a look at the momentum indicator then it is still strong bearish. Therefore, once the momentum will be started turning bullish then a big rally from here can be started like previously it happened.
Big bullish Shark:
On the weekly time frame chart, the price action of EOS has formed a big bullish Shark pattern. There is very strong support at 100 simple moving average in the buying zone. The buying and sell targets as per the Fibonacci sequence of Shark can be as below:
Buy between: $3.83 to $2.45
Sell between: $5.71 to $9.17
The buying zone is too wide up to 57%, therefore we can use the 100 SMA as stop-loss which is at $3.52 right now.
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