![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 following bitcoin as if it’s on a leash. While both have been consolidating, EOS looks as though it may break out at any time. The question is, will it break up or down? 

Looking at the 4 hour chart, we can see EOS has been consolidating tighter and tighter within a wedge. The RSI is showing the same, also approaching the apex of support/resistance. 

![Screen Shot 2018-06-17 at 1.52.21 PM.png](https://cdn.steemitimages.com/DQmaLBcSF9UTL4dcKhZotqkM38eH89mmtsQekMaBtT6UWQe/Screen%20Shot%202018-06-17%20at%201.52.21%20PM.png)

The 1 day RSI is operating within a channel in fairly neutral territory. A break above or below may signal a larger move to follow. 

![Screen Shot 2018-06-17 at 1.55.28 PM.png](https://cdn.steemitimages.com/DQmPp25wi7jmsNbPkMeAucsQXJLg57xcxMgykqBRd1PA1eg/Screen%20Shot%202018-06-17%20at%201.55.28%20PM.png)

The 4 hour chart shows resistance at the 21 day EMA, where EOS was strongly rejected. It looks like it may make a double bottom around $10.25, then bounce back up to retest the 21 day resistance. 

![Screen Shot 2018-06-17 at 2.04.39 PM.png](https://cdn.steemitimages.com/DQmUV1aEcXC8LoqjJpjx3cwTJBL6tL4XfwGX5nAMPyAkVgr/Screen%20Shot%202018-06-17%20at%202.04.39%20PM.png)

The 4 hour MACD has started moving sideways, showing no hint of rising or falling. This won’t continue for long.

![Screen Shot 2018-06-17 at 1.58.06 PM.png](https://cdn.steemitimages.com/DQmVZoH1cwKbjqcfzySMhVpCpFYJwASu6RSJGL9ktgabcjZ/Screen%20Shot%202018-06-17%20at%201.58.06%20PM.png)

If EOS breaks down, I believe we’re in the second ABC correction within a WXY pattern. A break down would be needed to complete wave C. There’s strong support beginning at $8.70, but I’m not sure it’d go quite that low. There’s still a few buy orders that may catch it around the $9.50-$9.15 area. Here’s how it may play out:

![Screen Shot 2018-06-17 at 1.13.00 PM.png](https://cdn.steemitimages.com/DQmYLcxG1thVL8H9Y1R77KdxXtKisVQCcefqYeS9zpsttVj/Screen%20Shot%202018-06-17%20at%201.13.00%20PM.png)

The second scenario is much more bullish. If EOS breaks up, it may be in wave 1 of 5 waves. 

![Screen Shot 2018-06-17 at 1.27.17 PM.png](https://cdn.steemitimages.com/DQmQ5xcA75v5PLREfq2GENtLx6aPC4JgxuDVAhphms27M95/Screen%20Shot%202018-06-17%20at%201.27.17%20PM.png)

Zooming in on the 4 hour, I’ve highlighted the sub-waves in yellow. If this count is accurate, the target for sub-wave 3 is approximately, $12.60. This is not my primary count, but it is a possibility. 

![Screen Shot 2018-06-17 at 1.26.18 PM.png](https://cdn.steemitimages.com/DQmVEokdYgxpDHvDAfbpxkXUMizHnizvpPzoMeQpHwENXzK/Screen%20Shot%202018-06-17%20at%201.26.18%20PM.png)

As I initially said, EOS is still tied to bitcoin. If bitcoin drops, EOS will likely drop with it. However, if bitcoin rises, EOS will likely rise, but at a much greater rate. Let’s see how the next 24 hours unfold. I’m playing small positions, but nothing major until we have more clarity. 

**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. Thanks for stopping by.**

## **If you found this post informative, please:**
![upvote.gif](https://steemitimages.com/DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk/upvote.gif)

**If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. You can sign up here free of charge: https://www.binance.com/?ref=16878853** 

**FYI…I just started a Facebook and twitter page where I’ll post analysis, along with other relevant crypto data from myself and others. If you’d like to be notified as soon as updates reach Steemit, the twitter handle is @Workin2005 and the Facebook page is https://www.facebook.com/Workin2005/**

---
**Published on**
<a href="https://mentormarket.io/"><img src="https://cdn.steemitimages.com/DQmXuk9bWMiPgXdowVfh4JBSGUXMqQkLa1u7ANwzTssgp25/250%20blue%20Overlay%206.png" alt="mentormarket.io" /></a>
by [Workin2005](https://mentormarket.io/blog/@workin2005)
---
<a href="https://mentormarket.io/legal/termsandconditions"><img src="https://cdn.steemitimages.com/DQmY5feG75MDWS57aX2rSUUa8bhzcZEyb5XKZCHY7FUzmXn/Disclaimer.png" alt="https://mentormarket.io/legal/termsandconditions" /></a>