EOS looking to break out of current price levels because of the falling wedge shape and the potential bearish BAT XABCD pattern that looks likely to be completed.
*The fib ratios look good on the BAT pattern and if it plays out we should see breakout towards $2.8 and strong move down after that.
*We also see a clear long term bullish divergence on the accumulation distribution indicator.
*Set a tight stop loss around 2.41 and enter now !
Please note that I am not licensed to provide financial advice and that this is just a speculative setup. Do your own analysis and due diligence before trading, I do not take any responsibility for your losses. Give a thumbs up if you wish to see more from me!
Comment
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First profit taking opportunity is now. Or, for the conservative traders you can close the position now if you wish.
Trade closed: target reached
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Could have took profits higher but we live to trade another day!
If BTC falls will it take EOS and other alts down with it or is usually the opposite true? For example, if BTC falls will EOS and other alts rally? Thanks for any info. :)
WineTrader888
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@Ruehlman, It can cause some certain alt coins to bleed, however if BTC falls because the BTC-ALTCOIN cycle is shifting from BTC to Altcoins then you can see Altcoins rally massively. Not all altcoins though. For example, LTC has a very high positive correlation with BTC, so I wouldnt bet on LTC during Altcoin season.