EOS is showing some support and looks poised to move up. Weekly had a solid hammer candle followed by 2 doji which translates to a frypan bottom (support before reversal) on the daily.
The daily 50MA and weekly 8MA show resistance right around the orange upper trend line, any of which are a target to exit. Taking profit at that resistance would net roughly a 25% ROI and 40% at the teal belt line resistance (~$6.00). A stop loss set at $4.00 would trigger a ~6% loss for a minimum reward:risk ratio of ~4:1 which is quite healthy.
As always, alts are at the mercy of BTC so if you've been following my BTC analysis we could be in for a drop which could kill this idea quickly so plan accordingly.
The daily 50MA and weekly 8MA show resistance right around the orange upper trend line, any of which are a target to exit. Taking profit at that resistance would net roughly a 25% ROI and 40% at the teal belt line resistance (~$6.00). A stop loss set at $4.00 would trigger a ~6% loss for a minimum reward:risk ratio of ~4:1 which is quite healthy.
As always, alts are at the mercy of BTC so if you've been following my BTC analysis we could be in for a drop which could kill this idea quickly so plan accordingly.
Note
I wanted to show some additional info without cluttering the original chart. As you can see there's an inverted H&S formation. Note the gaps in white and the peaks that follow after the 25MA crosses over the 50MA. This would be an ideal position to exit as price tends to retrace more often than not. The RSI runs true in that there's no hidden divergences after EOS is oversold so if EOS breaks the current RSI trendline (yellow) that wouldn't bode well for triggering the stoploss.
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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.