ANALYSIS 🔎 - This is a double trade setup. - EOSUSD is printing a major double bottom pattern. - This is a bullish reversal pattern. - At the right bottom, price action is printing a minor inverse head and shoulders pattern. - This is also a bullish reversal pattern. - RSI is also printing a bullish divergence signal. - EOSUSD could be on the verge on a Long term uptrend.
FIRST SETUP - This setup is the minor inverse head and shoulders pattern formation on the right bottom. - This is a trend reversal pattern - Bullish pattern to be precise. - Price is approaching the inverse head and shoulders neckline resistance (1).
Buy entry ⬆️: Aggressive (risky) - current market price (now). Conservative - breakout above the inverse head and shoulders neckline resistance (1). Targets 🎯: horizontal resistance level R2, horizontal resistance level R3 (neckline resistance (2)). Setup invalidation ❌: breakdown below the right shoulder's horizontal support level (S1).
SECOND SETUP - This setup is the major double bottom pattern. - This depends on a successful outcome of the first setup. - Price will be testing the double bottom neckline resistance (2). - Potential breakout above the neckline resistance (2).
Buy entry ⬆️: breakout above the double bottom neckline resistance (2). Targets 🎯: horizontal resistance level R4, All Time High (ATH) resistance, MOON🔼. Setup invalidation ❌ - Breakdown below the All Time Low (ATL) horizontal support level.