ridethepig
Long

ridethepig | EOS Market Commentary 2020.01.31

BITFINEX:EOSUSD   EOS / Dollar
EOS also approaching first targets in the swing at $4.5 area as highlight previously. Some minor profit taking is expected on the cross but buying dips remains the preferred trade. That said, I don’t think there will be a prolonged, hard sell off. It’s not very inspiring but as long as EOS remains a funding currency patience and opportunism is the order of the day.


Bull's next move sees the swing materialise into an impulsive nature, for the threat is now an advance on the initial target at $4.50 at the right moment and extensions at $7.50. At the point where the swing was created will see defence return and absorb the momentum break, and is therefore logically linked to profit taking.


In the above flow, bears could not make good use of the channel as an attacking instrument. Buyers took full advantage of this, and I would consider the skeletons in BTC and LTC as totally identical in their characteristics.

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