![Screen Shot 2018-06-15 at 6.20.45 PM.png](https://cdn.steemitimages.com/DQmbr6sL1CCknNr63LcQhWD4G9CE1R6p5iKrebioH73BGUj/Screen%20Shot%202018-06-15%20at%206.20.45%20PM.png)

### EOS has broken below numerous support zones. It’s now hovering around $7.00, which is a very strong psychological support. We need to see a large increase in volume to break above many areas of resistance. Remember, what was support, will now likely act as resistance. If price breaks decisively below $7.00, there’s a real possibility it’ll drop to the $6.00-$5.75 support/demand zone. To the upside, we can expect immediate resistance between $7.30-$7.70. Above that, it’ll likely find resistance between $8.00-$8.12. 

![Screen Shot 2018-07-11 at 11.54.46 AM.png](https://cdn.steemitimages.com/DQmNyhtEUBpwMaxoKH1eZpxp3sZygFuDQHZdQzCE6FZSxqz/Screen%20Shot%202018-07-11%20at%2011.54.46%20AM.png)

### Price dropped below the prior swing low. This means we can no longer consider the prior uptrend as 5 waves up. From an Elliot wave perspective, this means we are continuing the larger correction. Zooming out on the 4 hour chart, we can see what appears to be an ABC correction following the all time high of around $23.00. Price then looks to have attempted another breakout, only to result in a failed wave denoted by “X”. If this is accurate, that puts EOS in a WXY pattern. Following the failed wave, we have what appears to be an ABCDE correction. That would put EOS currently on wave E, looking for a bottom. 

![Screen Shot 2018-07-11 at 11.57.10 AM.png](https://cdn.steemitimages.com/DQmUWMhm7pXLrHky1eEBe7zGotg7dGL7wYJUx3wgXrAxBex/Screen%20Shot%202018-07-11%20at%2011.57.10%20AM.png)

### Price has been trapped within a descending channel as shown above. Looking at the 4 hour RSI, we find it's been unable to break above a descending resistance line. I won't be interested in any long positions until the bulls are able break out of both. 

![Screen Shot 2018-07-11 at 11.56.17 AM.png](https://cdn.steemitimages.com/DQmNhEhRa7kw1Cpt2LXejBtSA64wZjekxy4w9oUv5dXMcmu/Screen%20Shot%202018-07-11%20at%2011.56.17%20AM.png)

### Watch my video analysis for MUCH more detail not found above. 
## VIdeo Analysis:
https://youtu.be/FRGNdLox104

**BIAS:**
**Short Term: Slightly Bearish**
**Longterm: Bullish**

**I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!**
### *Workin*

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