EOS/USD Those born to fly - will never crawl
Updated
Greetings from Benice team!
The picture on the chart shows us a possible double-bottom reversal pattern on the whole market. It seems that the time for a correction has come. EOS starts into testing the correction levels, following Bitcoin. By the way, the token has a very good potential for the long run.
Let's say a couple of words about the token:
The performance of EOS will strongly influence the price in the future. Mechanisms for switching Ethereum tokens to the EOS blockchain are being developed. Switching to the EOS blockchain will allow organizing projects in a more efficient way, which will affect both the cost of these tokens and the cost of EOS itself.
The short-term technical picture has the following form: the first bounce reached its target according to the Fork pattern. The next correction target can be 3.51, the level of 23.6% movement according to the Fibonacci Sequence, and 3.61 following the Fork pattern.
We would recommend entering at 3.26. Its breakout will launch the token towards the above-indicated targets.
Currently, the token costs 3.122. You can try it at the current level, but do not forget about a stop order.
We think that It is reasonable to place it at 3.08.
If your strategy does not involve placing a stop order, we would advise you to use an averaging strategy and to enter a transaction on a bounce if there is a decline all the way to the next consolidation. This strategy is appropriate under the current conditions because the overall market drop has reached more than 80%.
If you find this review useful, leave a like!
Subscribe to updates of the idea!
Thanks a lot for your attention!
Note
Friends! I would like to draw your attention to our telegram-bot service. It's a very convenient app that facilitates the process of trading to a great extent. You can check your balance on the smartphone in two steps. You can press the FIX button and freeze prices within the entire portfolio in a single click. Finally, you can subscribe to and follow any trader you choose. You can become a trader yourself. In this case, you get a reward. Everyone is invited!
Related publications
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.