EOS has been trading close to the midpoint of the range for the past three days. Both moving averages have flattened out and are close to each other. The RSI is also close to the 50 levels, which shows equilibrium between demand and supply.
We won’t be able to find any new trades for as long as the EOS/USD pair stays between $5 and $6. If it breaks out of this tight range, it will increase the probability of a rally to $6.8299. A reversal will be confirmed when the price sustains above $6.8299 for three days.
On the other hand, a break below $5 can result in a dip to the next support at $4.49, below which, a retest of the $3.8723 will be on the cards. Therefore, traders who own long positions can keep a stop loss of $4.9 on their existing positions.