BlackSwan_DAR
Long

Interesting entry point for EOSUSD

BITFINEX:EOSUSD   EOS / Dollar
Hello guys,
after a recent very heavy bearish period of all cryptos now they seem to have found a supportive level.
Till several days ago I was convinced cryptos were destinated to collapse further, because the volume were high only when prices were falling. But after a false short signal they rebounded roughly, stopping the bearish movement. On this asset you must have the mental elasticity to change your view quickly, otherwise you risk big losses.
Even if EOS, at the moment, is not particularly strong if compared to BTC , I think EOS is at a good entry point because risk reward factor is favorable: in fact with a stop loss of about $1 we can set a first target to at least $2.
To be clear: EOSUSD leaned for two times in the last six days (validating the supportive area) on the trend line starting from the begining of the rise of this crypto.
At the moment if we buy it at $8 we can set a first target to $10.2 (R1), where passes the 200 daily MA. The next resistance level is to set to $11 (R2), where we find a resistance level .
The only thing I'm concerned about is volume: generally low and not supportive for a possible rise.

To sum up:

if we buy EOSUSD at $8----> R1 $10.2---->R2 $11
STOP LOSS: below $7

***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***

Comments

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