BITFINEX:EOSUSD   EOS / Dollar
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4
THE KIJUN BOUNCE
On the 4hours time frame, a reversal candle stick spotted at the top which initiated the current drop and to test the KIJUN( EMA ).
More to this is the BEARISH DIV ( PRICE making higher-highs and the Oscilator( RSI ) making a Lower-low).
The Kijun is essentially the mean of any given trend. Ichimoku Cloud prefers everything to remain in equilibrium. When price moves faster than the given timeframe’s Kijun can keep up with price, the Kijun moves farther and farther away.
The Kijun bounce occurs when price returns to equilibrium and then continues the current trend. This can also be thought of as a correction or a test of support. Kijun Bounces can occur multiple times on any timeframe, the higher the timeframe, typically the larger the correction.
When price close below the current support level , there is a high probability that price will test the KIJUN($2.69)
VERDICT:
SELL: $2.847
BUY:$2.784 down to $2.69
STOP LOSS:$3
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