Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The cryptocurrency EOS has been in a rangebound or rectangular trading pattern between the 4.20 and 4.90 price levels. Expectations are for a breakout higher in EOS, with the cryptocurrency reaching as high as 5.55. Failure of the breakout will be known if EOS breaks down below 4.375.
Technical Indicators
EOS had positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. EOS is currently trading above these respective MAs. There also has been a positive crossover on the KST and the RSI is trading above 50.
Recommendation
The recommendation will be to go long at market, with a stop loss at 4.375 and a target of 5.55. This produces a risk/reward ratio of 1.22.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in EOS.
The main view of this trade idea is on the 2-Hour Chart. The cryptocurrency EOS has been in a rangebound or rectangular trading pattern between the 4.20 and 4.90 price levels. Expectations are for a breakout higher in EOS, with the cryptocurrency reaching as high as 5.55. Failure of the breakout will be known if EOS breaks down below 4.375.
Technical Indicators
EOS had positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. EOS is currently trading above these respective MAs. There also has been a positive crossover on the KST and the RSI is trading above 50.
Recommendation
The recommendation will be to go long at market, with a stop loss at 4.375 and a target of 5.55. This produces a risk/reward ratio of 1.22.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in EOS.
Trade closed: stop reached
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.
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.