EOS At The Resistance, But With 75% Upside Potential
Based on our previous idea, EOS went higher and broke above both upside targets. However, EOS/USD found the resistance at 227.2% Fibonacci retracement applied to the corrective wave after the breakout of the descending channel.
The Fibonacci has been clearly rejected at $2.08 and now price needs to break above in order to show more upside potential. The interesting fact is that after rejecting the support a very small correction took place, from $2.08 down to $1.75, which suggests that the uptrend is likely to continue.
The target could be any of the Fibonacci retracement levels, $2.6, $3.1 or $3.6. But only one of those resistance levels corresponds with the 61.8% Fibonacci retracement levels applied to the EOS all-time high. This level is $3.6 and that's where EOS might stop.
Keep in mind that break and close above the $2.08 is required in order for the uptrend to continue, only then chanced for another 75% growth will become high.
Previous Idea:
The Fibonacci has been clearly rejected at $2.08 and now price needs to break above in order to show more upside potential. The interesting fact is that after rejecting the support a very small correction took place, from $2.08 down to $1.75, which suggests that the uptrend is likely to continue.
The target could be any of the Fibonacci retracement levels, $2.6, $3.1 or $3.6. But only one of those resistance levels corresponds with the 61.8% Fibonacci retracement levels applied to the EOS all-time high. This level is $3.6 and that's where EOS might stop.
Keep in mind that break and close above the $2.08 is required in order for the uptrend to continue, only then chanced for another 75% growth will become high.
Previous Idea:
Comment:
The rally is about to start? Very likely... today EOS rejected our previous upside target, but it acted as support this time
Comment:
close to final target
Trade closed: target reached