EOS : Death cross and phase 2 of break out strategy
Hello fellas, Let's discuss this beautiful EOS. Let's get to the point.
I use bitfinex exchange to analyze current moves. From the chart that I've shared, there is a white support trend line that has already held the price since December 7th, 2019 and then it has broken out since August 14th, 2019. And since this break out, the price has never retest again the white trend line as confirmed resistance. I believe the last 11 days rally is a part of phase 2 break out strategy which will end up at the white trend line as confirmed resistance. In other side of fibonacci view, we can see the golden pocket zone is moving align with this previous support trend line. and when the price touch this golden pocket zone, I will be very interested to enter short position for EOS. My targeted area for take profit will be on previous swing low which is around $ 3.2 will produce a good rr. The risk to reward is pretty affordable with sacrificing 2% loss to catch the significant 23% profit.
Thank you
I use bitfinex exchange to analyze current moves. From the chart that I've shared, there is a white support trend line that has already held the price since December 7th, 2019 and then it has broken out since August 14th, 2019. And since this break out, the price has never retest again the white trend line as confirmed resistance. I believe the last 11 days rally is a part of phase 2 break out strategy which will end up at the white trend line as confirmed resistance. In other side of fibonacci view, we can see the golden pocket zone is moving align with this previous support trend line. and when the price touch this golden pocket zone, I will be very interested to enter short position for EOS. My targeted area for take profit will be on previous swing low which is around $ 3.2 will produce a good rr. The risk to reward is pretty affordable with sacrificing 2% loss to catch the significant 23% profit.
Thank you
This is my premature elliot wave count for EOS. on smaller timeframe, one more possible wave up and I am ready to short.