Long

Here is a long shot idea

Updated

Hello Traders,

when in doubt always take a step back and try to find your place in the bigger picture. Here is what I see for EOSUSD pair.

Currently we are correcting for the wave 4 within the parallel channel. We hit to 38.2% retracement of the wave 3 and the 1:1 extension for the ABC. It is an important confluence zone. We are oversold on the H1,H2 and H4 time frames but daily still has room to go.

I am expecting a move up soon due to mainnet release hype on June 1st but I do not think it will be long lived. I believe we will hit to the bottom of the channel at ~8usd where the daily 200 EMA,1.618 ABC extension and the 23.6% retracement of wave 3 resides.

As you will see from the yellow line, this is not bad news at all as we should be followed by the 5th wave to 28USD target!

I am still very much learning, so do not take this an advice to buy or sell, do your own due diligence.

Please let me know your comments.

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alternate count is what simonmercier has here albeit on euro pair.

EOSEUR : full TA count. Possible bullish outcome

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For the people planning to play the swing, the 15m chart is showing all kinds of bearish signs indicating one more small drop before the pop.

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broke out of the wedge already but waiting for the BTC bear lag to break

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BTC broke down as well, let's see where we are going from here.

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closed my short position and going long now. next week we shall see a lot of pumping.

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for the record, i have not found a chance to go long yet and it seems like we want to touch the 10usd physiologic support level.

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major resistances coming up now at 12.5 -12.9 range; daily 50EMA, Hourly 200EMA, R1 Swing trading line, potential overbought H1 RSI for instance.

Expecting a drop there.

on a separate note, EOS is still following my plan albeit with higher speeds

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EOS 5min getting bearish again. this is ok, we need a higher low to prove that the bottom is in.

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guys, too many alternative counts right now,so best to stay out.

alt 1: completed B wve working on the C to 13.4

alt 2: wave 4 is completed and we are working on the 5th wave.2nd wave is about to be done and 3rd wave down should start.

i am more inclined to the second scenario. what ever position you take make sure to use a tight stop loss on this one.

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correct chart for the alt 1

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it looks like we are going for the alt 1 scenario as posted above.

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So we pinged 13 and dropped massively after. Is it over? If yes,i am not rxpecting a sudden rise. If not done yet, we might be building a bear flag now, next couple of hours should tell.

Last note, we are getting to tight support zones, shorting at supports is nit a good idea. Follow btc closely as well

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For alternatives and other great TA work please see the charts posted by Acel in comments

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I have no position for now, yesterday my short is stopped fir the third time on eos and iota just before the massive dumps, need to revisit my strategy there.

Back to the idea, are we done? Dont think so, expecting one more leg down as the 5th wave of C...I have various targets between 9.9 till 8.5,latter being a long shot but it is a great confluence zone where stars meet in the universe.

Even though I am talking about 10 20% drops please do not short at the moment as thee is great risk of liquidation is involved due to a sudden squeeze.

I am a newbie amateur trying to learn trading,I post these ideas to get comments from others and not to give trade advices.

Best of luck

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Hi guys,

the plan is still the same. Here is another view for the daily chart

as you can see we are in a symmetrical triangle now confirmed by the descending volume. Surely, it can break both ways. We are only 2 days away from the much anticipated mainnet release but we are yet to see a hype. On the contrary, I am expecting a sell the news event which will break the triangle downwards to my original target of 8.5k where also the 23.6% fib resides along with the daily 200EMA.

on the shorter time frames for day trading, we have regular bearish divergences H1 and below. Also ,we are currently trading in an ascending diagonal. My plan is to wait for the price to raise to 12.7-12.9 range to take a short position depending on the RSI and volume at that price. Another option is to wait for the break down of the channel and enter a position then.

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hope you guys had a good trade.
watch the green box for reversal

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Hi guys, we have long weekend where I live and I am travelling whole weekend.

I am more and more convinced that we are going down to 8s. The 12.7 has proven to be a iron clad resistance. Tomorrow the mainnet hype will be over and the dump will start I believe.

Keep an eye on iota as well for a decent short opportunity.

Lastly, if we hit low 8s, the next move is the 5th primary wave ehich will take us to 28 :) patiently waiting for that run

Best of luck.

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hi guys, looks like i took the wrong weekend to travel :)

I am still targeting the 8 range till we see a clear bull break of the BTC.

Order cancelled

So we got our bullish break for BTC with a 300usd bounce, so it is unlikely now we go to 8.so what is next, first target is 18usd. please check simonmercier idea below

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I am so sick and tired of this fake squeezes...keep missing the rallies due to stop loss orders.

Today we dropped from 14 to 13.6 in 2 minutes, stoppes triggered and got back to 14.2 in 3 mins. Whales collected cheap coins first then pushed back up.

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Ayyy...is 8 back on the table? Do nit think so, btc is way oversold on many time frames and just crossed the zone on daily too. Expecting a bounce at 6500...on the other hand, EOS seems much stronger on the bounces. I am watching the 11.45 for the bounce

Do not panick guys, counts still holding as long as we are above the may bottom of 10.4,8 is back on the table if only 10.4 breaks. Just watch for not and look for reversals above 1h time frames

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waiting for the daily 200ema touch...

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Amd we bounced off the 20p ema aa expected. I am half in for now and will buy more if we confirm bullish move with daily close but so far I am not convinced yet as no short sequeze happened yet

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when in doubt,always take a step back and go to the higher time frames.

here is daily again, as you can see we are at the final impulsive wave down to 8usd where the 78.6% retracement lies.

On the 4 hour chart with more details.

There is an alternate count (9.3 being bottom) which will come into play if we make another impulse wave up. However it is not my primary count as the I prefer the main channel and the major fib zones hit.

best of luck

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hello all, here is a follow up on my idea. sorry, i lost my charts and had to re do them but the idea is the same. Only notable difference is the use of pitchfork instead of a parallel channel.

price is not squeezed between the 0.705 fib line of the pitch fork and the down trend channel. I see us a in the 5th wave of the final C. my target is still the same as the 0.786 fib retracement.

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8 dollar here we come, hope you guys could shorted yesterday at 10.8...

We are currently at 3rd wave of the last 5th wave of C...i am on the mobile now but will post a picture once i have access to a computer

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ok guys, here is my count for the last waves

expecting another drop to 8.9 first then a bounce to 9.6 to retest the pitchfork fib line, then the final wave down.

with regards to the final wave down, i am targeting 8ish but we might observe a throw-under move as well towards 7 or even 5 region depending on the BTC moves. In such case the channel will be broken but the count would be valid till 4. Also, in such drastic moves, I do not expect that we stay there long time, max 2 days.

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Wow, i was being conservative with 1.27 extention but it easily touched the 1.68 extention...expecting the bounce now

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this is what i have in mind now

i am expecting these to be drastic moves relatively fast.

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to note: B is a little short maybe,it might retrace to where i started as well, being part of flat correction.

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this is my alternate

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BORING...

We are currently in some kind correction now, either a regular flat or a triangle. The reason i think this is a correction is the lack of impulses and more of 3 wave structures.

triangle:

flat:

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so flat it is,

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C has completed its 3rd wave and now working on the 4th. I expext the 5th to end at around 8.1-8.5 range...

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not much has changed since the last update. Here is how I see the move for now

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we touched the 1.27 extension for A:C, if you are long take profit but be patient for going short..watch btc carefully

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I am still not bullish on EOS yet.

Here is what I see for now. The C wave reached to 1.5 extension which is perfectly fine for EW theory. I think the last correction impulse down is started.

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last scenario is invalidated, might see 9.6

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last nights sudden moves made me panic apparently.still too much to learn

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sorry, i have been away due to family needs...

EOS has still a very bearish look..i mean it is so bearish that it it might turn bullish very fast.

Let's start with the weekly. as per TD sequential, we should expect a reversal very soon. On the bearish side, we can expect 55 week EMA act as the support and final final bottom of this correction. However, if the last count is any indication the reversal was already started at 8th week.

on the daily, the view is bearish too. Unlike BTC, EOS upward movement ha been limited and failed to break previous mother candles.

On the H4, we can expect a short term resting in the next half day as we are approaching the TD9 and RSI is almost oversold. Neither RSI nor the histogram on MACD have any divergences yet.

Now lets go to EW count where it gets really complicated. I have two scenarios here. On the bearish side ( in red count) we are in the 3rd wave of the final 5th wave down with a target of 6.2 and 6.5 range. The 3rd wave now seems to be slowing down, I am expecting a one more down push to 7.88 level. Pleae note the H1 RSI is very oversold right now. On the bullish side ( green count), we can consider the the last impulses as the first wave after the correction (1 of 1 of cycle 5), in such case we should be completing the wave as correction with a zig zag. If we take A:C extension as guidance, the bottom might be at 7.88 again. Just to entertain you, if this green scenario is correct, the next impulse is the 3rd wave and it can go to 12usd with 1.68 1:3 extension.

So here is my game plan; I am going to wait for the next move down and open a position as soon as i see signs of reversal (h1 bullish divergence maybe). Put a tight stop loss a little under the bottom cause i dont want to be holding bags if the bearish scenario comes true

in any case, the end is near people.

good luck.

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i tend to be conservative towards the bottoms but here the 3rd wave fib dong its thing by reaching to 1.68 1:3 extension.

but dont worry guys, the correction is almost over...we have one more wave to go. there is a scenario for 5.4 but no need to be dramatic now. lets hope the 55week ema holds.

darkandblue

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