EOSUSD Bearish Divergence
Updated
EOS has had a strong and slightly unexpected bull run these last few weeks. The ongoing ICO continues to release 2m new coins daily but buyers must be holding as the increased supply has done nothing to dampen demand so far. However, price appears to have topped out at around $2, and volume and RSI having been falling for the last week. Looks like a classic bearish divergence.
I'm waiting for a clear breach of $1.75 (0.236 of current bull run) and/or a bearish candlestick pattern before I open a short position.
Profit targets are:
$1.50 (0.382 of current bullish trend)
$1.40 (old resistance turned support)
$1.30 (0.5)
$1.10 (0.618)
Stop loss:
$2.00
Comments welcome.
I'm waiting for a clear breach of $1.75 (0.236 of current bull run) and/or a bearish candlestick pattern before I open a short position.
Profit targets are:
$1.50 (0.382 of current bullish trend)
$1.40 (old resistance turned support)
$1.30 (0.5)
$1.10 (0.618)
Stop loss:
$2.00
Comments welcome.
Comment
Price tested the $1.80 area but there was strong support. Volume and relative strength still seem to be weakening. This area will need to be tested again until buyers become exhausted.Comment
50 day MA recently fell below the 100 day MA, but overall bullish market conditions have pushed the price up into the low 1.90s. Still waiting for a setup here.Comment
Price testing $1.80 again. Lets' see how this plays out.Trade active
Price has broken $1.80 with a bearish candlestick.Sell: $1.80
Stop Loss: $1.99
1st profit target now $1.50
Comment
Buy orders from $1.80 to $1.70 are being eaten upTrade closed: stop reached
Stopped out. Looking to trade the $2 to $1.80 range until a bigger short opportunity comes up.
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