We can see a clear descending triangle formation coming to its end. This will most likely create a negative impact on EOS price. However, the RSI are showing an ascending triangle pattern. This could cause a breakout into the next resistance at $7.25 by March 22nd. So the two possible scenarios that will come out of this will be as follows:
Scenario #1: Downtrend channel is broken, bearish behavior continues. Next support can be seen at $3.38 as previously seen on December 7th and December 9th. (Most probable)
Scenario #2: Downtrend channel is reversed. New resistance will happen at around $7-$7.25 on or around March 22nd. If this resistance is broken on a bull-run, we will see the price of EOS continue to rise until its previous resistance between $8.25-$9.00. Otherwise, we will see it retrace to
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***
Scenario #1: Downtrend channel is broken, bearish behavior continues. Next support can be seen at $3.38 as previously seen on December 7th and December 9th. (Most probable)
Scenario #2: Downtrend channel is reversed. New resistance will happen at around $7-$7.25 on or around March 22nd. If this resistance is broken on a bull-run, we will see the price of EOS continue to rise until its previous resistance between $8.25-$9.00. Otherwise, we will see it retrace to
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***