EOS/ETH Long Entry banking on 20DMA rebound (weekly)
Updated
On my last post EOS/ETH was in overbot territory on the weekly and I was looking to add more on weakness.
The Bull Case:
Since then the pair experienced a reversion to 20DMA, STO back to the mid-area (no surprise!).
IMO the current setup could be a good entry point risk/reward-wise. Looking for a rebound on 20DMA. With a potential Exit ITM before meeting the upper band of John B!
+ factor in Some major announcements to come on June 1st from Block.one, the firm behind EOSIO and which ICO-ed the EOS token. This could play as a catalyst for an period of speculation/readjustment of expectations around D-day.
Downside Potential:
I would work this config with a tight Stoploss, Risk/reward 1:3 with a QUICK Exit if no spike up after the announcements. There is a potential of being drained by the forming divergence on the MACD.
This is just a statement of opinion and should not be construed as financial advice.
The Bull Case:
Since then the pair experienced a reversion to 20DMA, STO back to the mid-area (no surprise!).
IMO the current setup could be a good entry point risk/reward-wise. Looking for a rebound on 20DMA. With a potential Exit ITM before meeting the upper band of John B!
+ factor in Some major announcements to come on June 1st from Block.one, the firm behind EOSIO and which ICO-ed the EOS token. This could play as a catalyst for an period of speculation/readjustment of expectations around D-day.
Downside Potential:
I would work this config with a tight Stoploss, Risk/reward 1:3 with a QUICK Exit if no spike up after the announcements. There is a potential of being drained by the forming divergence on the MACD.
This is just a statement of opinion and should not be construed as financial advice.
Note
Should be read 20WMA instead of 20DMA in the Title and the core of the text.
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