Ceddy86

EOS Channelling Higher with 4.3 Target

Long
BITFINEX:EOSUSD   EOS / Dollar
Trend Analysis
The main view of this trade idea is on the 2-Hour. The cryptocurrency EOS found some support around the 3.20 price level on July 20th 2021 and began making higher highs and higher lows over the past week. This chart pattern appears to be a trend channel. EOS is expected to continue to move higher towards 4.3 in the short term. A negation of this move will be a close below 3.66.

Technical Indicators
Along with the upward trend channel, EOS is also currently above its short (25-SMA), medium (75-SMA) and fractal moving averages. Recently there was a positive crossover on the KST and the RSI continues to trade above 50. Since the rally off from 3.20 lows, the cryptocurrency’s RSI has mostly been below overbought territory.

Recommendation
The recommendation will be to go long at market. EOS’s target price is around the 4.30 price level and its indicative stop loss is around the 3.60 level, near the higher low of the trend channel. This produces a risk-reward ratio of 1.73.

Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in EOS .
Trade closed: target reached: Target reached. Recommended to move Stop Loss to Break Even.

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