EOS is currently in the weekly consolidation range. Consolidations follow with an expansion. EOS has been gone through the distribution phase - now its consolidation phase with some choppy moves. I would like to see a clear breakout and even miss +-6% and long/short its re-test.
Liquidity has been taken on a weekly level $2.1 and created so-called "SFP" and others would say support has been holding. I can see, if a $2.6 level will be not reclaimed as the support we will visit $2.3 level pretty fast. Price is also below all 100, 150, 200 DMAs. So what is the conclusion for our scenario?
Longs play:
- Conservative long: We can see monthly resistance at $2.6, once this level will be reclaimed, you can look for longs and the target would be $3.2 and $5.5.
- Risky short with more reward: Entry long around $2.57-$2.61, the target would be $3-3.4
Shorts play:
- once $2.6 will be holding as resistance you can short this level and target daily and weekly support as outlined on the chart.
Always remember: try to pick strong coins with a clear uptrend/downtrend. Here in this scenario, shorts are in favour (price went thru distribution, has not broken through strong weekly resistance yet and Daily is not closed above $2.7 level either). But still, it depends on Bitcoin how it will react and altcoins will follow the path, probably will not have so much gain, but will follow.
Liquidity has been taken on a weekly level $2.1 and created so-called "SFP" and others would say support has been holding. I can see, if a $2.6 level will be not reclaimed as the support we will visit $2.3 level pretty fast. Price is also below all 100, 150, 200 DMAs. So what is the conclusion for our scenario?
Longs play:
- Conservative long: We can see monthly resistance at $2.6, once this level will be reclaimed, you can look for longs and the target would be $3.2 and $5.5.
- Risky short with more reward: Entry long around $2.57-$2.61, the target would be $3-3.4
Shorts play:
- once $2.6 will be holding as resistance you can short this level and target daily and weekly support as outlined on the chart.
Always remember: try to pick strong coins with a clear uptrend/downtrend. Here in this scenario, shorts are in favour (price went thru distribution, has not broken through strong weekly resistance yet and Daily is not closed above $2.7 level either). But still, it depends on Bitcoin how it will react and altcoins will follow the path, probably will not have so much gain, but will follow.
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Trade closed: target reached
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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.