๐ EOS has recently broken out of the descending channels and formed an inverse head and shoulders pattern, which typically indicates a bullish reversal. Additionally, there has been a noticeable change of character (CHoCH) in the price action, suggesting a shift from a bearish to a bullish structure.
๐To confirm the bullish trend, it is essential for the price to break out above the first resistance level. This breakout would signal potential targets towards the subsequent resistance levels.
๐In the event of a pullback, if the price forms bullish candlestick patterns around the bullish Order Block (OB) levels, it could provide further confirmation of a bullish bounce.
๐However, if the price breaks down below all of these levels, the pattern would become invalid, indicating a potential shift back to a bearish structure.
๐Traders should closely monitor the price action of EOS, particularly around the resistance and OB levels, to gauge potential trading opportunities and adapt their strategies accordingly based on the prevailing market dynamics.