EOS, EOS/BTC - Ready to Take Off Again?
Updated
EOS, EOS/BTC one of the better performing coins since the recent crypto run and one of the few who have managed to set a new ATH.
That's rare and impressive in these market conditions considering it's a large cap coin and has been on the exchanges for almost a year now.
Needless to say that they have a good project, team and obviously community with a lot of supporters.
So interesting enough to take a close look at the chart of this good performing coin and see how we can swing trade it.
Analyses
- After a massive runup, EOS, EOS/BTC has retraced to the .382 fib level around 17000 sats. A retracement to only the .382 fib level after such a big run is a very positive sign and an indication of good strength.
- Also, the 17000 sats was a previous resistance and has now held as a good support. It even bounced off that area twice making it a double bottom and with the recent move up has made a "W" pattern, which has just broken out of it as well.
- On a bigger scale, EOS/BTC has also managed to break out of a bull flag, highlighted with the purple (trend) lines.
- On an even broader and Elliot Wave theory perspective, you can say that EOS/BTC has just finished it's corrective A - C wave and has already started its impulse wave 1 - 5, which probably already has made its 1 and 2 and it's now in wave 3 of a bigger wave 5, shown on the chart.
Note: my 5 wave count/target is a little conservative targetting the .618 fib level. Obviously, it could (easily) pass this level with good market condition and hype.
But since wave 5 is shorter than wave 3 most of the time and EOS/BTC hasn't retraced that much since the last correction therefore still having a relatively high RSI, the conservative projection for wave 5 isn't that weird.
- And upcoming events/news in the coming weeks/month that could lead to more hype and volume and a higher price for EOS/BTC:
EOS Airdrops Evolution - 10 May
EOSIO Dawn 4.0 - 11 May
Livecoin Delisting - 23 May
Native Tokens Launch - 01 Jun
Mainnet Launch - 01 Jun
So there you have it. A lot of points that could lead to another "take off" of EOS, EOS/BTC. And if you want to trade it, then this is how you can trade it:
Trade Instructions
Buy Area
0.0019250 - 0.0020000
Profit Target
1. 0.0022281
2. 0.0023967
3. 0.0025653
4. 0.0028054
Don't forget to take some profits along the way. This will give you peace of mind and patience so you can ride it out longer and also reinvest/trade your profits quicker and make even more.
Stop Loss
0.0018200
You can use larger stop or no stop at all if you believe in this coin for the mid-long term. But invest accordingly and use an amount you're willing or can afford to lose.
Leave a comment if you have any questions or concerns.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
That's rare and impressive in these market conditions considering it's a large cap coin and has been on the exchanges for almost a year now.
Needless to say that they have a good project, team and obviously community with a lot of supporters.
So interesting enough to take a close look at the chart of this good performing coin and see how we can swing trade it.
Analyses
- After a massive runup, EOS, EOS/BTC has retraced to the .382 fib level around 17000 sats. A retracement to only the .382 fib level after such a big run is a very positive sign and an indication of good strength.
- Also, the 17000 sats was a previous resistance and has now held as a good support. It even bounced off that area twice making it a double bottom and with the recent move up has made a "W" pattern, which has just broken out of it as well.
- On a bigger scale, EOS/BTC has also managed to break out of a bull flag, highlighted with the purple (trend) lines.
- On an even broader and Elliot Wave theory perspective, you can say that EOS/BTC has just finished it's corrective A - C wave and has already started its impulse wave 1 - 5, which probably already has made its 1 and 2 and it's now in wave 3 of a bigger wave 5, shown on the chart.
Note: my 5 wave count/target is a little conservative targetting the .618 fib level. Obviously, it could (easily) pass this level with good market condition and hype.
But since wave 5 is shorter than wave 3 most of the time and EOS/BTC hasn't retraced that much since the last correction therefore still having a relatively high RSI, the conservative projection for wave 5 isn't that weird.
- And upcoming events/news in the coming weeks/month that could lead to more hype and volume and a higher price for EOS/BTC:
EOS Airdrops Evolution - 10 May
EOSIO Dawn 4.0 - 11 May
Livecoin Delisting - 23 May
Native Tokens Launch - 01 Jun
Mainnet Launch - 01 Jun
So there you have it. A lot of points that could lead to another "take off" of EOS, EOS/BTC. And if you want to trade it, then this is how you can trade it:
Trade Instructions
Buy Area
0.0019250 - 0.0020000
Profit Target
1. 0.0022281
2. 0.0023967
3. 0.0025653
4. 0.0028054
Don't forget to take some profits along the way. This will give you peace of mind and patience so you can ride it out longer and also reinvest/trade your profits quicker and make even more.
Stop Loss
0.0018200
You can use larger stop or no stop at all if you believe in this coin for the mid-long term. But invest accordingly and use an amount you're willing or can afford to lose.
Leave a comment if you have any questions or concerns.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Trade closed: stop reached
If you want an update for EOSBTC analyses and trade, you can check it here:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.