EOS joins the other altcoins in following Bitcoin, as BTC climbs up its price chart for the 7th of May. EOS price made its way across the $2.800 mark while turning bullish.
Yeah Boi 1990 is a TradingView analyst who highlighted an inverted head and shoulders pattern for EOSUSD, followed by an expected bullish movement.
1-Day EOS price analysis (7th May)
EOS Price chart by TradingView
The idea of an inverted head and shoulders pattern for EOS indicated a rise of price on the 7th of May while Bitcoin rallied towards the $10000 mark. EOS stood below the $2.620 level at the beginning of the day, while it rose above $2.680 before 03:00 GMT, and traded between $2.680 and $2.740 until 18:00 GMT.
As per the full-featured chart, the Relative Strength Index (RSI) remained above 40.00 through most of the day’s trade. The RSI shows 5 movements above the 70.00 mark on its scale, out of which the highest value was 91.98, which was approached by the technical indicator at 02:30 GMT.
The bullish divergence of the RSI on the hourly scale shows that EOS was overbought at multiple instances of the day. At the time of writing, EOS traded at $2.772 US Dollars.
EOS: inverted head and shoulders
The crypto analyst drew the projection of the incomplete inverted head and shoulders. The pattern, if completed, indicates a bullish run.
EOS price chart by TradingView
The head and shoulders pattern appeared on the 29th of April, which was completed on the 3rd of May. The projection for the inverted head and shoulders pattern can be seen in the featured chart above. The idea came to play on the 7th of May as the cryptocurrency turned bullish and moved across the $2.800 mark to complete the right shoulder of the inverted head and shoulders pattern.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.
