By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
EOS is correcting during the first February week, but still looking very promising. On Tuesday, February 4th, EOS is slowly falling and trading close to 4.15 USD.
From the technical point of view, the H4 chart of EOS shows a stable rising channel. The key upside target is at 5.00. At the same, there is a divergence on MACD, which indicates a possible descending correction. However, this scenario may be valid only after the price breaks the support level close to 4.00. in this case, the downside correctional target may be 61.8% fibo at 3.20.
The H1 chart shows the triangle correctional channel after the divergence on Stochastic. This triangle is a temporary pattern. If the price breaks its upside border at 4.36, it may complete the short-term correction and resume its mid-term growth. However, in case the instrument breaks the downside border at 4.08, the correction may fall much deeper and each 23.6% and 38.2% at 3.93 and 3.64 respectively.
The cryptocurrency is steadily trading…