![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 been trapped in a descending channel for over 2 months now. Today it attempted another breakout, but was strongly rejected.

![Screen Shot 2018-07-09 at 4.35.46 PM.png](https://cdn.steemitimages.com/DQmZkAtStfnAQqsjMcN9i36y1nYUA65QXipFokkEG3cpUHU/Screen%20Shot%202018-07-09%20at%204.35.46%20PM.png)

### Looking at the daily chart, we can see the bears were able to push price below the 8 day EMA. This, along with low volume, is a sign the market is weakening. 

![Screen Shot 2018-07-09 at 4.51.06 PM.png](https://cdn.steemitimages.com/DQmaCbMiUECUvj9H34yqnfPRzX9epQWZriJAdmfqec7mmt8/Screen%20Shot%202018-07-09%20at%204.51.06%20PM.png)

### The 4 hour RSI decisively broke below the ascending support...another sign of weakness.

![Screen Shot 2018-07-09 at 4.35.14 PM.png](https://cdn.steemitimages.com/DQmd3NKEndjBNNKFo7xdjRppAtEiDcNx1vZhe86NuUiCw13/Screen%20Shot%202018-07-09%20at%204.35.14%20PM.png)

### Price is currently sitting right on top of the $8.12-$8.00 support zone. If this support zone fails, price will likely drop into a stronger support/demand zone between $7.70-$7.30. Should that happen, I’d expect a bounce. There are numerous unfilled buy orders in that area. Here’s how that scenario MIGHT play out:

![Screen Shot 2018-07-09 at 4.27.10 PM.png](https://cdn.steemitimages.com/DQmd6yqWqGyzN9NMQ3iFyK9h8d7uCzNUTKfdk7411c51tTi/Screen%20Shot%202018-07-09%20at%204.27.10%20PM.png)

### Just in case price does fall into the $7.70-$7.30 support/demand zone, I may stack orders between $7.50-$7.10. A logical target would be the small supply zone between $8.68-$8.90. Should price reach these levels, this would be a VERY risky trade. If entering, I'd keep my stops extremely tight. 

![Screen Shot 2018-07-09 at 4.41.48 PM.png](https://cdn.steemitimages.com/DQmQ4vnrdgBS9VwGssFKYcQWcT5UfikFDuWS3aittMVZzLc/Screen%20Shot%202018-07-09%20at%204.41.48%20PM.png)

### Please refer to my video analysis below for MUCH more detail not found above.
## Video Analysis:
https://youtu.be/dVrOztGM0Qs

**BIAS:**
**Short Term: Neutral**
**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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