Hello dear crypto friends, imo EOS has currently the best setup in Cryptoland: We have a clear 4H descending pattern. We have now even tilted slightly to the upside at the bottom, which is always more bearish than bullish.
What does it mean?
If Bitcoin is going to break bearish, I'm definitely going to look towards playing EOS, simply because of the clear levels & downside potential this gives. Sure we can still break bullish with EOS, but in this case I wouldn't be playing EOS, since BTC is much stronger currently.
Correlation helps you to understand this. Playing EOS bullish would only make sense, if we see a strong bounce going on in the direct correlation EOS/BTC, which is at crucial support right now, and so far not seeing the bounce going:
I also like the target zone very much, which we can see perfectly on the Weekly chart:
We have the clear zone of 4.5, but before that 5 Dollar psychological, which could already see a reaction from the bulls. Depending on how far we go, we have beautiful 15-22% profit potential.
Be careful with the wicks though! We can always break out until the wicks, and just make a U-turn. This would be called a fake-out, and bigger pockets always like to fake-out retail traders to fill their own positions.
Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
What does it mean?
If Bitcoin is going to break bearish, I'm definitely going to look towards playing EOS, simply because of the clear levels & downside potential this gives. Sure we can still break bullish with EOS, but in this case I wouldn't be playing EOS, since BTC is much stronger currently.
Correlation helps you to understand this. Playing EOS bullish would only make sense, if we see a strong bounce going on in the direct correlation EOS/BTC, which is at crucial support right now, and so far not seeing the bounce going:
I also like the target zone very much, which we can see perfectly on the Weekly chart:
We have the clear zone of 4.5, but before that 5 Dollar psychological, which could already see a reaction from the bulls. Depending on how far we go, we have beautiful 15-22% profit potential.
Be careful with the wicks though! We can always break out until the wicks, and just make a U-turn. This would be called a fake-out, and bigger pockets always like to fake-out retail traders to fill their own positions.
Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
