On August 10, 2019, the EOS price reached a low of 3266 satoshis. An upward move ensued. On August 11, EOS reached a high of 3740 satoshis. After a brief pause, EOS began another increase, and on August 14 it reached a high of 3889 satoshis.
At the time of writing, the EOS price was trading close to 3800 satoshis.
Where will the EOS price go to next? Continue reading below in order to find out.
For our previous analysis, click here.
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EOS Price: Trends and Highlights for August 14
- EOS/BTC began an upward move on August 11.
- Bullish divergence preceded the upward move.
- There is support 3300 and 3700 satoshis (major & minor).
- There is resistance at 3900 satoshis.
- EOS is likely in the fourth wave of a five wave Elliott formation.
Long-Term EOS Price Support
A look at the daily time-frame shows that there is a significant support area at 3300 satoshis.
Once the EOS price reached this area on August 10, the upward move outlined in the introduction was initiated.
Initiation of an Uptrend
In order to gauge the strength of the move, we will incorporate the RSI and MACD into the analysis.
We can see that both of them have generated bullish divergence since the beginning of July.
This divergence preceded the current upward move.
Let’s take a look in the short-term to see the move in detail.
A closer look at the upward move does not reveal a trading pattern.
However, it gives us a minor resistance and support area.
The resistance area is found at 3900 satoshis, while the support area at 3700.
Furthermore, the price movement since August 10 resembles a five-wave Elliott formation.
At the time of writing, the EOS price seems to have completed the third wave and is in the middle of the fourth one.
We would expect the fourth one to finish inside the support area.
Since the third wave is shorter than the first one, and according to Elliott wave theory the third wave cannot be the shortest of the three upward waves (1-3-5), we are expecting a short fifth wave.
In order to predict the top, we will use a Fibonacci retracement tool on the 2nd wave.
Doing that gives us a target of roughly 4100 for the top of the fifth wave, after which the EOS price is likely to retrace.[cryptocurrency_convert]
EOS Price Summary
The EOS price began an upward move on August 10.
According to our analysis, it will undergo a short-term decrease, before beginning an upward move and reaching our target of 4100 satoshis.
Do you think that EOS will reach our target? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
Author: Valdrin Tahiri