EOSUSD - Bears in control! Keeping an eye on the action!

VincePrince Updated   
Hello traders, EOSUSD makes some INTERESTING moves while the cryptocurrencymarket begins to decline! In my analysis i detected several bearish signs which are important to look at!

In my chart provided you can see that EOSUSD formed a massive ascending wedge till it broke out on 26th june. EOSUSD touched three times the lower line and four times the upper line of the ascending wedge till it broke out with massive bearish volume over average. I used blue trend lines to mark the ascending wedge, you can see it in the chart. Also EOSUSD moved for almost 201 days in the ascending wedge till the break-out happened.

EOSUSD made a bear-flag before the break-out and is about to make a second bear-flag and confirm the lower line of the wedge now, after the confirmation it is highly expected that EOSUSD will make a second bear-move toward my target zone. The target zone is also the 61.8% retracement of the recent bull-moves. You can see it on my chart, also the target matches perfectly with the target of the ascending wedge. It is good to keep an eye on future moves coming the next days and weeks.

Practically speaking it is possible to open a SHORT position here with target at 4.3 USD! The aggressive approach would be to open an SHORT position immediately with stop-loss above the last bear-flag, the more conservative approach is to wait until EOSUSD confirmed the second bear-flag. I will definetely keep an eye on this, when we confirm the second bear-flag i will open a short position because this is a highly possible trade opportunity which does not show up everyday! Everytime it is essential to wait for patterns to confirm until a position is placed in the market, patience should be in the inventar of a good trader!

Will be back analysing the markets! Peace and love to the cryptocommunity! See you!

Information provided is only educational and should not be used to take action in the markets!

Thank you

Moved as expected!
Trade active
Trade closed: target reached
Took profit in the target range!
4.26 was my minimum target for this trade, this target was reached!
ANALYSIS UPDATE: EOS completed the bear flag formation.

Since EOS completed the bear flag formation it increased with major bearish continuation determinations to reach all of the final target zones.

►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.