ESO Rally coming to an End?
Updated
Welcome everyone, hope you all are doing well.
As we all have seen, EOS had a great rally in the last 2 weeks. It went up from $6 to $16. I think it's time for a reversal now. I may be wrong and it may not fall, but i want you to know that it is one of the possibilities because it never really retraced on a longer time frame.
Let us see some key points:
*RSI is overbought and showing signs of reversal.
*MACD is showing early sign of reversal.
Possible retracement levels:
(1) 0.786 - Around $13.88
(2) 0.618 - Around $12.15
(3) 0.5 - Around $10.92
I am not saying that it will definitely fall or retrace because it depends on Bitcoin too. If BTC keeps going upwards and then consolidates, then EOS is gonna catch up too. But you should always keep in your mind this possibility of retracement.
P.S: This is not an investment advice, and i am just learning. This is for educational purpose only. Invest you capital at your own risk.
Those who wish to achieve greatness,
never seek for permissions.
They follow what their heart says,
and do what their mind states!
Good luck trading.!
Peace.
As we all have seen, EOS had a great rally in the last 2 weeks. It went up from $6 to $16. I think it's time for a reversal now. I may be wrong and it may not fall, but i want you to know that it is one of the possibilities because it never really retraced on a longer time frame.
Let us see some key points:
*RSI is overbought and showing signs of reversal.
*MACD is showing early sign of reversal.
Possible retracement levels:
(1) 0.786 - Around $13.88
(2) 0.618 - Around $12.15
(3) 0.5 - Around $10.92
I am not saying that it will definitely fall or retrace because it depends on Bitcoin too. If BTC keeps going upwards and then consolidates, then EOS is gonna catch up too. But you should always keep in your mind this possibility of retracement.
P.S: This is not an investment advice, and i am just learning. This is for educational purpose only. Invest you capital at your own risk.
Those who wish to achieve greatness,
never seek for permissions.
They follow what their heart says,
and do what their mind states!
Good luck trading.!
Peace.
Note
It is trading on the neckline. We must wait and see for the price action.Trade closed: target reached
Reached 1st target. I am Closing out now.Congrats to all those who followed up on this.
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.