Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Here's a quick idea on EOS. There's a decent chance EOS isn't done retracing. I think if we pullback to the 61.8 retracement, we'll see a bigger move up. Here's a few key areas to watch for:
1. 61.8 retrace is about 7900. I'd be looking for an entry there or a break of our recent high about a week ago. Better odds with the 7900 entry. You might be able to get a lower entry but I do expect the 200 daily moving average (green moving average) to hold. Watch the reaction at the 50 daily moving average as well. It's not part of this analysis, but that red moving average should provide some support as well. Buying there increases risk and decreases reward which is why I am not giving it much thought.
2. If this is a 5 wave pattern, we can't break the top of wave 1 which happens to be around 7500. This is a potential loss of 5% but you have to manage your risk.
3. Targets are always the tricky part but I'm looking at some big resistance levels (denoted with red horizontal levels) at the following levels:
1: .0010610
2: .0012053
3: .0013496
Potential porfit of 70% from the entry of 7925. Risk to reward is very high for this but be disciplined with the stop loss. If we break 7500 on the way down, then something else is going on and this trade is invalidated.
Also, be patient! This trade may never execute! Watch the reaction at the entry for further validation and set a stop loss once we move up so you can at least break even.
Trade safely friends!
<3 -CE-
Here's a quick idea on EOS. There's a decent chance EOS isn't done retracing. I think if we pullback to the 61.8 retracement, we'll see a bigger move up. Here's a few key areas to watch for:
1. 61.8 retrace is about 7900. I'd be looking for an entry there or a break of our recent high about a week ago. Better odds with the 7900 entry. You might be able to get a lower entry but I do expect the 200 daily moving average (green moving average) to hold. Watch the reaction at the 50 daily moving average as well. It's not part of this analysis, but that red moving average should provide some support as well. Buying there increases risk and decreases reward which is why I am not giving it much thought.
2. If this is a 5 wave pattern, we can't break the top of wave 1 which happens to be around 7500. This is a potential loss of 5% but you have to manage your risk.
3. Targets are always the tricky part but I'm looking at some big resistance levels (denoted with red horizontal levels) at the following levels:
1: .0010610
2: .0012053
3: .0013496
Potential porfit of 70% from the entry of 7925. Risk to reward is very high for this but be disciplined with the stop loss. If we break 7500 on the way down, then something else is going on and this trade is invalidated.
Also, be patient! This trade may never execute! Watch the reaction at the entry for further validation and set a stop loss once we move up so you can at least break even.
Trade safely friends!
<3 -CE-