FxWirePro: EOS/USD trades weak, good to sell on rallies

• EOS/USD has lost more than 15% in the past 24 hour from high of $14.40 level. It hits low of $11.84 almost 48% on May 16th 2018 from the all-time high of $23.02. EOS has released EOS Dawn 3.0 in form of test net and EOS Dawn 4.0 released on May 11th. EOS main net is scheduled to go live in 40 days and big exchanges like Bitfinex, Huobi and eToro has extended their support for EOS. The pair declined sharply almost more than 30% after in previous week after news of UpBit involvement of fraud. UpBit is the largest market for crypto currency EOS accounting for 13% of all trades.  It is currently trading around $12.46.
   
• The pair has taken support near 61.8% fibo and shown a minor jump from that level. The near term resistance is around $15.91 (support turned into resistance) and any break above will take the pair to next level $17.06(20- day MA)/$18.87/$20.
   
• The major support is around $11.15 (61.8% fibo) and any convincing break below will drag the pair till $9.88 (Apr 21st 2018 low)/$7.80. Major weakness only below $3.87.

It is good to sell on rallies around $13.25-$13.50 with SL around $15 for the TP of $11.20/$8.