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EOS is close to the long-term resistance, which may decide the future of that asset price. We are on a few days within an accumulation zone. We don't know if it is a bearish accumulation or sideways movement, so we are going to wait for the price to decide the next move. Within which case, the long position is above the...
No one goes into the market thinking they should buy at the high and sell at the low. The problem is that at the moment when faced with the ups and downs of the market, it’s hard to resist the urge to do those things.
Trading is all about spotting emotional excesses either to the downside or the upside.
You want to be on the right side of those emotional...
...and it’s all out of gum!
Published on mobile -- edited on web client sorry if chart came out distorted; check comment for re-posted intended/accurate chart
Green lines represent TP 1-3
Blue line is S2/Pivot
Volatility: high asf
Note: This is strictly conjecture based...
EOS has quite the habit of shaking out soft hands by expanding volatility in large manoeuvres with smart longs covering (see diagram below) and then actively buying at cheaper levels. Buyers had some nice gains and this healthy profit taking was logical and I can see why a retest of $4.50 was justified:
EOS confirms new support at the 200D MA regions and has now entered the $4 resistance area again.
As long as EOS can maintain above 200MA for the next couple of days,
we can expect the price to reach up to $5 regions provide Bitcoin's action will find consolidation or skyrocket to 10k dollars.
EOS may have set the top on this 4-hr time-frame as the price broke the key upward trend-line.
I'm looking at the price level of support between 3.3 - 3.0 regions before we can see a bounce to the upside.
EOS bounces off at a key support area where the 0.618 Fib is located. EOS also manages to take down the 3756 sats High,
I can see less resistance after it. My next target is around 3900 sats before a potential pullback to happen.
EOS broke outside the falling wedge pattern but looking a bit extended, I expect the price to consolidate above key support area at 0.5 Fib level.
We could see some minor pullback to retest the 12 & 26 EMAs to confirm as new support before potentially continue its uptrend up to the 3800 - 4000 regions.
Plan : wait for prices to bounce off trendline resistance --> wait for the rejection candle pattern to form e.g. bearish engulfing , pinbar etc --> SELL
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