Hello dear crypto friends! ;) After breaking the Daily EQ bullish with 17% (around 8% for me personally), EOS/USD is at a key Daily resistance currently. The bull flag on the Daily is extremely narrow = strong. Volume is strong. We already saw a bull-break, but 4,5 is gonna be the psychological level to break. Should we get a definitive break above this resistance, we could potentially be reaching the Equilibrium zone before the November break-down, at 5-6 Dollars. That would give around 15-35% in profits. Accompanied could this the EOS/BTC chart: After passing the important resistance zone at .09-.10, our next weekly S&R zone comes in at .125-13, which is around 15%. All of this should be accompanied by the correlation to grandpa Bitcoin: If BTC now manages to break at least until 4.2-4.4, this would be a perfect sign for EOS to go. Obviously if BTC rejects from this zone, EOS could even fake-out & turn around. EOS has always been a high beta version of BTC: it seldom makes it's own moves against BTC, it's highly correlated. Therefore BTC should at least be neutral/go slightly upwards, for this scenario to happen. If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. I had talked about the Equilibrium break in my last analysis & told you exactly how I'm gonna play it, follow me so you don't miss out next time! I wish you a wonderful weekend! ;) Edgy is providing online education & tools 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.
EOS continues to fight an impending retracement. Because we keep consolidating at this range after an impulse move, this can almost be classified as a bull flag or a potential bull pennant if you look on lower timeframes. I personally like to swing trade, so I’m basing movements off the 4HR charts but lower timeframes like the 15m –which is significant in crypto—tell a different story. Be that as it may, my position remains, but I may close out earlier than $4.05. I am now looking to take profit at $4.20 and then take more profit at $4.10 with the likelihood of re-longing at $4.00. There is still a possibility we move up from here and if that’s the case, I am just going to short at $4.80 even though that may take some time.
EOS is looking good within its 1D Ascending Triangle. While the recent rally started by the bullish comments of Dan Lerimer (EOS CTO), more positive fundamentals kicked in (Bitfinex launching Eosfinex) and the $4.00 level can be turned into a support. Such strong spikes since February have most of the times turned into sideways trading until the next one (hence holding the Ascending Triangle) with the exception of one (green arrow). I expect a similar pattern, but if the 4.5417 Resistance breaks, 5.0000 will be my target. Below is my long term overview: https://www.tradingview.com/chart/EOSUSD/h980MZMz-EOSUSD-Key-break-out-point/