EOS had been trading inside a tight range for the past eight days. The current break out of this range can propel the digital currency towards the downtrend line, which is likely to act as resistance.
The short-term traders can benefit from this probable up move, but positional traders are better off waiting until a new buy pattern shows up. We shall turn positive on the EOS/USD pair after it sustains above the downtrend line for a couple of days.
As long as the price remains below both the moving averages, the rallies will attract selling by the bears.