EOS Buy zone

Observation:
OES chart shows all elements within acceptable Fib. metrics.
200 Daily MA also approaching 'buy zone'
As you can see, its also withing the bounds of the wedge channel.
Point 4 also in line with fib wave measurements
Point 5 is the selling point\target based on previous support in September


Please, take a second and support my idea by hitting the "LIKE".

All the best with making your decision.


Regards,
SS.

*This post is only to be used for discussion and educational purposes only.

Trade active:

After further review, I have narrowed it down to $5 as the optimum buy in. $4.70 even better but I just don't see it dropping down to that level.

Trade active:

How are we progressing....on track

Comment:

Depending on events as many believe we are in extended waters with the highest overbought conditions, I do expect sooner or later a pullback for BTC to hit 4200 if not 4500 range (equates to BTC's weekly 100 & 200 MA). Based on this, I have included here the new channel which is a continuation of the bottom channel. This also is reinforced by the EOS Daily 100 MA as its path trajectory in the same, and hence the support line marked in red.
Sources: www.bloomberg.com/pr...oin-range-4000-6500/

Comment:

My BTC LONG trajectory based on historical trends. Its very unlikely in many people's opinion that the cycle will be broken just because we have a bullish social media at the moment. The fundamentals and trends usually are much more reliable. The question for now is, is the pull back around the 5300 range or closer to the 6000 range.

Trade active:

Daily 200 SMA is the entry target. The Daily 50 MA which was support will now be resistance.
$ 4.75 looks like the entry range.

Trade active:

Follow up status:
Using the fib pitchfork, we can see that we are on the fringes of a trend reversal. The buy zone is good as long as BTC does not do a trend reversal as well. I have added the scenario if BTC was to retrace to its 4500 to 4800 range, which is possible.
Observations:
RSI at 41%, if it goes to 30 or less, we know it means the strength is towards the downside.
Momentum indicator is just below 0. indicating strength to the down side, as per RSI is heading.
Pitchfork shows we are at the 200% range indicating a trend reversal (towards the downside)
CCI also is bouncing off the -200 and is -123. Indicating strength is still on the downside.

I don't think anyone has got a clear vision as to what BTC will do in terms as how far back it will drop. We can only take it as it comes.
My gut feeling is that we are heading for a trend reversal (using the blue lines)

Trade active:

How we are tracking from the original forecast. Still in the upward trend even though the strength has dropped off we are in acceptable fringes.
Note: Daily EMAs
50 EMA acting resistance
200 EMA acting support
100 EMA last strong support

Comment:

Trade active:

EOS update:
A number of daily indicators are telling that strength in the market is in the downside with EOS
In addition, almost all daily EMAs are above the trend indicating the same message.
Using a number of tools, I have drawn the projected path with blue lines as major supports.

Trade closed: target reached:

Outcome good.