EOS Trading Plan 02.07: Crucial S&R Zone
Hello der EOS traders, let's have a look at our last analysis:
We had looked at that bearish upward channel, which saw a nice breakout, completely overshadowing our take profit zone of 7%, giving up to 20%.
Now EOS is at a crucial Daily & Weekly support of $5.70. Either we have the chance for a Bottom-fishing play here, buying the support and betting that we will reach the target of the previous Daily EQ zone of $6,5 with the purple lines, giving 13% profit.
Or, we will see a bear break of the bottom at $5,55-5,70, reaching previous S&R zones of $4.85 and $4,5, giving 15-20% profit respectively.
Since EOS is a high beta version of BTC, the direction we break will highly depend on grandpa Bitcoin. In the direct correlation we have reached the Weekly important support of 5k Satoshi. The bulls could bounce up to 7k Satoshi. Any action under 10k Satoshi is only a lower High on the Weekly, and wouldn't change the trend towards BTC.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
We had looked at that bearish upward channel, which saw a nice breakout, completely overshadowing our take profit zone of 7%, giving up to 20%.
Now EOS is at a crucial Daily & Weekly support of $5.70. Either we have the chance for a Bottom-fishing play here, buying the support and betting that we will reach the target of the previous Daily EQ zone of $6,5 with the purple lines, giving 13% profit.
Or, we will see a bear break of the bottom at $5,55-5,70, reaching previous S&R zones of $4.85 and $4,5, giving 15-20% profit respectively.
Since EOS is a high beta version of BTC, the direction we break will highly depend on grandpa Bitcoin. In the direct correlation we have reached the Weekly important support of 5k Satoshi. The bulls could bounce up to 7k Satoshi. Any action under 10k Satoshi is only a lower High on the Weekly, and wouldn't change the trend towards BTC.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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