EOS analysis
EOS is looking ready to break out and there are two likely ways for this to happen.
Prediction 1 is the completion of a bullish head and shoulders pattern with support from the short-term trend which also breaks out a symmetrical triangle.
If a Fibonacci retracement is drawn from the head to the right neck the right shoulder lands on 0.618 which indicated that the coin is beginning to trend and supports prediction 1.
To add onto this the next low point is at 0.5 retracement of head to R-neck supporting this.
Prediction 2 shows the failure of the head and shoulders but the long-term trend will hold price action and will eventually break the short/medium-term trend creating another symmetrical triangle breakout.
I have intentionally left out profit targets so you can choose your amount of risk/reward to your trading style
Please give me your opinion on my analysis.
Prediction 1 is the completion of a bullish head and shoulders pattern with support from the short-term trend which also breaks out a symmetrical triangle.
If a Fibonacci retracement is drawn from the head to the right neck the right shoulder lands on 0.618 which indicated that the coin is beginning to trend and supports prediction 1.
To add onto this the next low point is at 0.5 retracement of head to R-neck supporting this.
Prediction 2 shows the failure of the head and shoulders but the long-term trend will hold price action and will eventually break the short/medium-term trend creating another symmetrical triangle breakout.
I have intentionally left out profit targets so you can choose your amount of risk/reward to your trading style
Please give me your opinion on my analysis.
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.