EOS - Possible Retracement? C&H or Elliot Wave Correction?
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 around $19.5 and we all had made a great profit during this run.
I am looking at a possible retracement now levels now to open a short position and then maybe a potential long position later. A retracement is always necessary for a healthy flow of the market.
IMHO, EOS can retrace either following the abc correction of EW(if a made a correct count) OR a cup and Handle formation OR a Head and Shoulder. Either way, it should correct soon.
Let's see some key points:
Possible Retracement Levels:
It may rebound from any of these levels depending on the interest of Buyers.
I am not saying that it will definitely fall or retrace because it depends on BTC 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 my learning purpose only. Invest your 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 around $19.5 and we all had made a great profit during this run.
I am looking at a possible retracement now levels now to open a short position and then maybe a potential long position later. A retracement is always necessary for a healthy flow of the market.
IMHO, EOS can retrace either following the abc correction of EW(if a made a correct count) OR a cup and Handle formation OR a Head and Shoulder. Either way, it should correct soon.
Let's see some key points:
- MACD is showing Bearish Divergence.
- RSI is moving into overbought region.
- Bullish Momentum is decreasing as per ADX and DI.
Possible Retracement Levels:
- $15.88
- $13.58
- $11.73
- $9.87
It may rebound from any of these levels depending on the interest of Buyers.
I am not saying that it will definitely fall or retrace because it depends on BTC 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 my learning purpose only. Invest your 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
Fixed Fibonacci levels and EW wave.Note
FOMO Buyers.!! Beware while trading. Already crosses $22.68.I am waiting for a reversal and will open a short position soon.
Note
Fixed Fibonacci levelsNote
Closer look:
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/
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