EOS Daily Dose 3/27/19 | Short-term woes ahead
EOS has just been full of surprises these past 2 days. After moving up 20% in that time frame I do expect a significant retracement soon, at least within the next week or at least a price consolidation. I shorted around $4.32 when I noticed heavy bearish divergence on the 15minute charts. I normally don’t like getting into positions like this because I’m more comfortable swing trading than day trading but it was a good risk and reward. I’m only risking about 2% right now for 7%. I’m expecting a drop to about $4.05-$4.10. If the price continues to move up here I expect more bearish divergence to form and may only let go of some of my position at the stop loss of $4.44. If a bull run for EOS has commenced, there still needs to be some healthy retracement otherwise every successive move up could spell an even heavier retracement in the weeks to come and if we do hit $4.80 that would be an even stronger short than doing one here.
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.