EOS continues to trade inside a very tight range. On the downside, the bulls are offering support at $8.4840, whereas on the upside the bears are defending the 20-day EMA.
Historically, such tight ranges culminate in a strong uptrend for the EOS/USD pair (marked as ellipse on the chart). So, we expect a similar move this time if the breakout is to the upside.
Traders can initiate long positions at a close above $9.5 with a stop below the $7.75 mark. Our targets on the upside are $11.6 and $15.
Our bullish view will be invalidated if the digital currency plunges from the current levels instead of breaking out of the downtrend line.