EOS price gained significantly above $6.000 against the US Dollar, and rebounded vs bitcoin. The price is likely to continue higher and it may even trade towards the $7.000 and $7.450 levels.
The past few days were very bullish, with heavy gains in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price settled above the $5.250 resistance levels and started consolidating gains. It traded in a broad range and finally climbed above the $5.550 and $5.780 resistance levels. It opened the doors for more gains above the $6.000 resistance and the price settled well above the 55 simple moving average (4-hours). The recent upward move was strong above the $6.205 and $6.550 resistance levels.
The price traded close to the $7.000 resistance and swing high was formed at $6.922. At the moment, the price is correcting lower below $6.800 and the 23.6% Fib retracement level of the last wave from the $5.934 low to $6.922 high. The price even tested the $6.400 support area and the 50% Fib retracement level of the last wave from the $5.934 low to $6.922 high. However, there are many supports on the downside near the $6.400 and $6.200 levels.
There is also a major bullish trend line forming with support near $6.220 on the 4-hours chart of the EOS/USD pair. The trend line support is likely to act as a strong buy zone above $6.200. On the upside, an initial resistance is at $6.685, above which the price is likely to retest $6.800. The main target for the bulls could be $7.00, followed by $8.000.
Looking at the chart, EOS price is clearly trading in a strong uptrend above $6.400 and $6.200. As long as the price is above the $6.200 support, it is likely to climb above the $6.800 and $7.000 resistance levels. Conversely, a break below the $6.200 support might start an extended downside correction. An immediate support is $6.150, below which the price could retest the $5.780 support.
Hourly MACD – The MACD for EOS/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently correcting lower from the 80 level and it could test 65.
Major Support Levels – $6.400 and $6.200.
Major Resistance Levels – $6.800 and $7.000.
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