In my last update, I told you EOS was looking very weak. I warned of a drop to the $6.90-$6.60 demand zone. Since then, we’ve seen price drop into that zone twice. It’s currently sitting right on top of the $6.90 support. We could see price drop to yesterday’s low of $6.82, then quickly reverse course, however, I think a more likely scenario is price will drop to the prior July 12th low of $6.55. From there, bulls will be hoping for a double bottom, creating a new set of impulse waves up.
Should price reach July lows, I plan on lattering into a small position between $6.60 and $6.50, with a target of $7.00. I’ll have a VERY tight stop-loss set at $6.40. If price breaks below $6.40, I believe it may quickly fall to the $6.00-$5.75 support zone.
Looking at the 1 day RSI, we can see EOS broke below the wedge it was operating in.
Zooming out on the daily chart, we can see price also broke below the ascending support that had been in place since November.
In today’s video analysis, I discuss traps to watch out for, other trade entry points, key support zones and much more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.
BIAS:
Short Term: Slightly Bearish
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
