EOSUSD - Target reached and profit taken! What comes next?!_______________________________________________________________________________________________________________________________________
Hello traders investors and community. This is an update analysis on my recent SHORT analysis about EOSUSD. The pattern we see here looks pretty
similar to the one i detected with LTCUSD, when you didnt seen it yet you can look on my profile.
_______________________________________________________________________________________________________________________________________
EOSUSD reached my target which you can see in the chart marked with the red dashed trendline, this was my minimum target for the SHORT trade!
Everybody who traded this should be happy now, i already took profit!
_______________________________________________________________________________________________________________________________________
Now the market sentiment has changed! We are facing a possible reversal to the upside with EOSUSD here, as you can see it is trading between the
3.5 and 4.26 range. The recent support at 4.26 is now resistance.
_______________________________________________________________________________________________________________________________________
Now i am looking on two possible scenarios, the first scenario is an correction to the 3.7 range as marked in my chart, the second scenario
would be a break-out to the upside above the 4.26 range, this would be the point where many traders would set there LONG positions and stop out SHORTS.
When we break to the upside without correction in the actual range EOSUSD will confirm the 4.26 (red dashed trendline) after the break-out.
_______________________________________________________________________________________________________________________________________
The RSI shows a oversold condition which you can see with the green rectangle in my chart, also we see a possible EMA crossover happening the next
time! These are two indicators which confirming an reversal at the moment.
_______________________________________________________________________________________________________________________________________
All signs seen in my chart and analysis seem positive for an reversal to the upside, but we have to wait on confirmation and dont rush emotionally in a trade!
Either confirmation will happen with a correction in the range or a break-out to the upside, these scenarios will be good opportunitys to trade EOSUSD on
the LONG side. Possible targets after a confirmation would be the blue trend-line. Otherwise when we can not hold the range between 3.5 and 4.26 there
is a high probabilty that it will fall more.
_______________________________________________________________________________________________________________________________________
Okay i hope you enjoyed this analysis! All information is only for educational purpose and should not be used to take action in the markets!
May all happiness and luck come to you folks! See you soon!
_______________________________________________________________________________________________________________________________________