botje11
Long

EOS Double Bottom in the making

BITFINEX:EOSUSD   EOS / Dollar
If we see a bull flag form the coming hours as you can see on the right, than it will become very likely that it makes another jump up, with a target around 7.0ish. The flag really needs to hold, otherwise it can become another lower high.

Similar a bit to btc staying above the 7750ish and form a bull flag as well. There are more alts that have a similar shape as this one.


Comment: For the ones still in it. Still can't say if there is more potential or not than the target of the double bottom. For the ones who consider it as a day trade, i would take at least partial profit. I don't like the fact that it's taking time before reaching the target. Usually with a double bottom it goes much faster. Or use the low we just made as a stop if you don't want to get out now but still want to protect profits. I don't think there is a bad play here. Only bad thing you could do, is letting it become a loss

Comments

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EOS is a high beta version of grandpa BTC: it is the single best asset that I've been trading personally since the bear market started last year-because it's levels, esp. support & resistance zones, are awesome to play.
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it acts like some kind of IH&S with price action testing the neckline on the daily chart ,however selling pressure above 7.2 is too obvious .now i'm a bit confused. is there a bull trap emerging?
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Great setup, following you now mate! I´m about to post a trade shortly, have a look on my profile for detailed information :)
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Thanks for the analysis, will be a nice break there if the flag works out. ^^
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