EOSUSD Long-term Trend - Bullish
Distribution territories: $10, $15, $20.
Accumulation territories: $4, $3, $2.
EOSUSD was in a ranging zone two weeks ago. The ranging movement started on Sept. 6 as various lower lows and lower highs occurred in the market until September 19. On September 20, a spike emerged above the 14-day SMA’s trend-line to briefly breach northwards past the 50-day SMA signalling the breakout from the range to a bullish trend.
Price action has now been traded a bit above both the two SMAs around the price territories of $6 and $6.5. The 14-day SMA has briefly bent to point north very close below the 50-day SMA’s trend-line. The Stochastic Oscillators have moved to touch range 40. They still point north to suggest a greater probability of driving the price up. If the EOS price can break the resistance at $7.00 which was the monthly high a longer term bullish move is on the cards.
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