EOS is moving in an uptrend against ETH and was nicely bounced back after consolidating between 0.382 and 0.5 fibonacci levels after latest upswing from 0.00176 to 0.0048 level. However now a falling wedge may be identified + there is RSI bearish divergence within the wedge. I am expecting to break down and move to cloud and touch uptrend line again – and at this point further assessment may need to be done whether uptrend will likely to continue. At this point I am waiting how price moves within the wedge. If breaks down there may be opportunity to short EOS against ETH. TP level can be identified based on price movement when touching the uptrend line and in the cloud. SL should be set at 0.006 as this is a resistance and if this breaks price may be expected to go to 0.0066 - 0.0068 levels which is a strong resistance - this is 1.618 fibonacci zone of latest upswing and 0.618 fibonacci level of a downtrend started at 0.01000 level – nicely overlaps. Please note – these are only my personal moves on potential price movements. Please trade carefully and at your own risk!
Trade active
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Comment
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EOS is moving in cloud and closing to an important support level at around 0.00475 + crossed 60 day MA. RSI is still at 40. Closing to the support line of the potential channel. If EOS breaks down I consider the next support level at approx. 0.0036-0.0038 zone which is an old support and 0.618 fibonacci of recent upswing. However it can happen that EOS will be bouncing back. I would consider now a 0.00535 just above the cloud as stop loss level. TP can be at 0.0036-0.0038 levels.
Trade closed: target reached
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Trade closed: stop reached
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What a move!!! I am using either target reached status and stop reached :-) based on the above analysis. The reason for that is that I actually missed to secure profit on time and with the recent bullish candle I hit stop loss. Well, it is what it is:-). Trade carefully and secure profit on time:-)!