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Pyramidpower

EOSUSD (EOS Token) PYRAMID PATTERN BREAKOUT PENDING.EOSUSD (EOS Token) LOG Scaling, 041118, 3:32 a.m., EST. Michael Mansfield CIO, CryptoPlayhouse. Today was an interesting day, one where my former ability to see more market patterns in 3D, came back to me after a very long hiatus. So I built a playful (definitely not precise) pyramid on one or my favorite up and coming Distributed Ledger Technologies (DLT) tokens, EOS. During the past week I have completed EOS chart analysis on several time-frames, and included a detailed Elliott Wave analysis of EOS, as well as the dominant daily cycle, which, is trending up now (see provided link). In another post I showed what appears to be a bullish cup and handle pattern underway. For this and my other recent EOS scenarios to become fulfilled, we need a VOLUME spike on a ATR X 1.618 up day soon, else it's likely down the tubes for EOS. The last 5 bars hand very low relative volume but those were also narrow range days. CURRENT SITUATION: EOSUSD is tagging the upper resistance line of a smaller Schiff pitchfork (black). A breakout up of this resistance line would portend a move to around 10.01, possibly higher. Conversely, failure to breakout above this black pitchfork withing 48 hours, and on relatively high volume, will likely lead to a drop to the lower and larger green pitchfork resistance line at 4.56-4.60 level (sloping up). If that level is broken, then 1.70-1.30 would be in the cards! Thus far, that appears less likely, but its running out of time to do this pattern justice. The left and center red lines of this, ahem, pyramid, are formed by a Schiff Pitchfork (derivative of Dr Allen Andrews' Median Line Pitchfork). The lower right red line simply contained the recent market lows, and I attached it to the far right red line which I drew from a Fibonacci Speed Resistance Fan line angle. Fibo Fans and Gann Fans can offer traders both time and price analysis of where a market might go, and when. Whatever type of analysis you do, you want it to work, so at least to some degree, it must fit and capture the actual market path, and give you a decent idea of that path continuing, and/or knowledge of where the path is likely to reverse direction, else you may lose your shirt. Andrews and Schiff median lines and pitchforks will often do just that. Another software I have draws these lines autonomously. Did you hear that, TradingView management? PAST TRADE OR ANALYSIS PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING CAN BE VERY RISKY, WITH POTENTIAL OF LARGE GAINS AS WELL AS LARGE LOSSES. This analysis is meant for educational purposes only. Any trades you happen to take based on our analysis is at your risk of loss or gain. We have NO liability for your decisions to follow us here, or at another other time, due to what we write or what we do. Trade at your own risk or not at all. Our analysis is the current opinion of the individual author and not necessarily of our group, or any other individual on our team, and can change at anytime without notice. This analysis is neither investment advice, nor an offer to buy or sell a security, but rather an informed attempt at predicting future movement based on historical data and emerging patterns! We welcome your comments and open discussion. Thanks and great trading to you! Michael Mansfield CIO
BITFINEX:EOSUSD
by UnknownUnicorn1613901