Technical analysis by SunnyBha about Symbol EOS: Sell recommendation (5/12/2022)

EOS had a massive blow off top and has shown nothing but weakness since then. It has also falling out of its multi year uptrend. Currently sitting on support at $1.36. Slightly outside of the bollanger bands, and oversold, which could mean a dead cat bounce to the top of the long term trend line at around $2.00, if it holds. If not, next level to look out for is $1.00. Really depends on the way the market is moving. Bitcoin is inevitably going to visit the 200MA at the very least, which likely points to much further downside. While prices do seem extremely tempting, it’s better to be risk off at this time. One strategy is to set stop loss below current support ~5% loss max. The better idea is to watch bitcoin and the nasdaq in the morning to see which direction the market is moving.