EOS/BTC
EOS is a strong project, But we need to be patient, before considering to enter in this coin for a trade. In the last few days, we saw good run for EOS/BTC, but this run was to exit the little falling wedge. The real resistance is from the bigger falling wedge. You can see the difference between theses two falling patterns.
For the moment EOS/BTC is out of the little wood, currently sitting on his all-time support at FIB 0.382. Some scenarios are possible for EOS. Every time on the 4h chart EOS is in the overbuy situation with the RSI indicator, he starts pulling back. We need to be careful.
In BLUE: If EOS/BTC, goes up to the large red line and then continues on the falling wedge we will see EOS pull back to the support. After a good bounce on one of the supports we can consider that bounce a good entry point for EOS, conditional to the market to be in a good position.
In GREEN: If EOS/BTC continues in his bullish formation, EOS could go to the large red line, pull back a little bit before bouncing on the green line and continue for another good run to exit the bearish wood and continue to his next resistance at FIB 0.5
In ORANGE : If EOS/BTC pulls back from his support we can see expect him to go back in the small falling wedge. This scenario will depend on the market.
If you're a trader don't forget to take profit to each target zone.
Good trading!!
EOS is a strong project, But we need to be patient, before considering to enter in this coin for a trade. In the last few days, we saw good run for EOS/BTC, but this run was to exit the little falling wedge. The real resistance is from the bigger falling wedge. You can see the difference between theses two falling patterns.
For the moment EOS/BTC is out of the little wood, currently sitting on his all-time support at FIB 0.382. Some scenarios are possible for EOS. Every time on the 4h chart EOS is in the overbuy situation with the RSI indicator, he starts pulling back. We need to be careful.
In BLUE: If EOS/BTC, goes up to the large red line and then continues on the falling wedge we will see EOS pull back to the support. After a good bounce on one of the supports we can consider that bounce a good entry point for EOS, conditional to the market to be in a good position.
In GREEN: If EOS/BTC continues in his bullish formation, EOS could go to the large red line, pull back a little bit before bouncing on the green line and continue for another good run to exit the bearish wood and continue to his next resistance at FIB 0.5
In ORANGE : If EOS/BTC pulls back from his support we can see expect him to go back in the small falling wedge. This scenario will depend on the market.
If you're a trader don't forget to take profit to each target zone.
Good trading!!