EOSUSD Forming a Potential Bottom - When Will It Move Higher?!
Hello Traders,
I hope everybody is enjoying the weekend so far.
In this analysis, we are looking at EOSUSD on the 4 hour chart.
Since the peak in 2018-04-29, the cryptocurrency pulled back significantly to the downside. It corrected almost -50% of its value in just under 18 days. Which is remarkable.
But now, EOSUSD is showing the first indication of a bigger correction higher. The first indication is that it reached the 50% Fibonacci Retracement area from the rally of March 2018 low. The second one is that it already managed to break the first short-term trendline higher.
Key will be now the trendline from 2018-04-29 peak. As this break is still missing, so because of that a marginal new low can't be ruled out yet. That is why that area is a decision area. If that trendline breaks I see a potential extension higher to around 15.69 which is the former Resistance now acting as a new support area.
So let's see how it plays out next week. Invalidation level for this view will be 11.77. When it breaks that low this view can be invalid.
For now, I am expecting more upside with corrections in lower timeframes of course.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
I hope everybody is enjoying the weekend so far.
In this analysis, we are looking at EOSUSD on the 4 hour chart.
Since the peak in 2018-04-29, the cryptocurrency pulled back significantly to the downside. It corrected almost -50% of its value in just under 18 days. Which is remarkable.
But now, EOSUSD is showing the first indication of a bigger correction higher. The first indication is that it reached the 50% Fibonacci Retracement area from the rally of March 2018 low. The second one is that it already managed to break the first short-term trendline higher.
Key will be now the trendline from 2018-04-29 peak. As this break is still missing, so because of that a marginal new low can't be ruled out yet. That is why that area is a decision area. If that trendline breaks I see a potential extension higher to around 15.69 which is the former Resistance now acting as a new support area.
So let's see how it plays out next week. Invalidation level for this view will be 11.77. When it breaks that low this view can be invalid.
For now, I am expecting more upside with corrections in lower timeframes of course.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Disclaimer
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