imfamousrajat

EOS (EOSUSD) forming BULLISH Pennant?

Long
BITFINEX:EOSUSD   EOS / Dollar
Welcome everyone, hope you all are doing well. EOS is doing since last 2 weeks. Yesterday we all had made some profit using my SHORT chart on EOS. But now, EOS has been moving inside a symmetrical triangle and may breakout soon. Although it may breakout in any direction, but going by the previous trend i think it may breakout upwards. So, keep an eye on it.

Let us see some key points:
  • "As the symmetrical triangle extends and the trading range contracts, volume should start to diminish. This refers to the quiet before the storm, or the tightening consolidation before the breakout." This point can be clearly verified by looking at the volume indicator, volume has dropped significantly and it is in consolidation mode.
  • Volume Flow indicator is above Zero which means Bullish trend .
  • MACD is still Bearish and needs more time for any clear signal.
  • RSI is moving between 40-50 zone.
We can wait for some clearer confirmation and then open our trades accordingly.

15 mins chart for a better view for day traders.

Also, Keep in mind that the price of EOS will be severely affected by the price movement of BTC .

P.S: This is not an investment advice, and i am just learning. This is for educational purpose only. Invest you capital at your own risk.

Those who wish to achieve greatness,
never seek for permissions.
They follow what their heart says,
and do what their mind states!


Good luck trading.!
Peace.
Comment: POSSIBLE ASCENDING TRIANGLE:

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