EOS - Weak hands filtered out
Updated
EOSUSD presents itself as a candidate for a long setup. Slightly lagging, but moving in line with the likes of ONT, WTC and ICX, following are some of our technical observations: 1. Bounce from a long term support at ~$4.50 with constructive trend in oscillators.
2. Price action suggests closing above short term moving averages (9 & 21 case in point).
3. General up-tick in Market to catalyze a move towards 50% Fibonacci (as plotted on the chart) coinciding with horizontal resistant region at ~$6.70.
Trade Setup:
Buy zone: $4.95, $4.71, $4.56 - Preferably 33% each
Stop Loss: Close below $4.34
Sell Zone: 20% at $5.40, 30% at $5.70, 50% at $6.70
Trade closed: stop reached
Approaching first sell zone.Trade active
Approaching first sell zone.Note
We have reduced our long position in EOS
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.