EOS ANALYSIS AND FORECAST (FRI, SEPT 7TH, 2018): BULLISH PENNANT EXPLOITED

If EOS can retest the level of $6.00, a further increase is expected.
In line with the disastrous 48 hours of trade in the market, EOS has suffered a 24% decrease of its value up to now. The big sell-off on Wednesday caused the price to go into free-falling from its 23.6% Fibonacci retracement level to the price of $5.00, only $1.00 higher than the bottom recorded in March.

EOS D1 chart on September 7th, 2018
This cryptocurrency failed to test the threshold of $7.00 and fell short of investors’ expectation by a heavy decline in its price despite of a bullish pennant formed in the second half of August, the biggest bull trap ever!

EOS H4 chart on September 7th, 2018
Earlier today , one of EOS block producers — EOS New York — has announced on its blog that the cost to create an account on EOS network has been cut by 25% with EOSIO contract update v1.2.1. An adjustment has been made on the resource cost charged to onboard users, which reduces the minimum amount of KiB needed to open a new account from 4 to 3 KiB. That way, the barriers to develop on this network will be lowered.
EOS is anticipated to bounce back and pierce through the blue upward slope. If the threshold of $6.00 can be reach, EOS can crawl up to the resistance line of $7.00. Or else, the sellers may put downward pressure on the price to the support of $4.50.
Written by nami.today
