Welcome everyone, hope you all are doing well. As we all have seen, EOS had a great rally in the last 2 weeks. It went up from $6 to around $19.5 and we all had made a great profit during this run.
I am looking at a possible retracement now levels now to open a short position and then maybe a potential long position later. A retracement is always necessary for a healthy flow of the market. IMHO, EOS can retrace either following the abc correction of EW(if a made a correct count) OR a cup and Handle formation OR a Head and Shoulder. Either way, it should correct soon.
Let's see some key points:
MACD is showing Bearish Divergence.
RSI is moving into overbought region.
Bullish Momentum is decreasing as per ADX and DI.
Possible Retracement Levels:
$15.88
$13.58
$11.73
$9.87
It may rebound from any of these levels depending on the interest of Buyers.
I am not saying that it will definitely fall or retrace because it depends on BTC too. If BTC keeps going upwards and then consolidates, then EOS is gonna catch up too. But you should always keep in your mind this possibility of retracement.
P.S: This is not an investment advice, and i am just learning. This is for my learning purpose only. Invest your capital at your own risk.
Those who wish to achieve greatness, never seek for permissions. They follow what their heart says, and do what their mind states!
Good luck trading.! Peace.
تعليق
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Fixed Fibonacci levels and EW wave.
تعليق
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FOMO Buyers.!! Beware while trading. Already crosses $22.68.
I am waiting for a reversal and will open a short position soon.
This is one of the better analysis I would say. We would definitely see levels around $15 or so in the next few days. People were overly excited about the good news last week. Don't get me wrong, overall, I think EOS is extremely strong in the long run. I expect EOS to run up to $35 and beyond, but definitely not this run. After the Mainnet is up, we will see how it goes.
johntradingwick
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@ChristopherPrunus, Thank you mate. Totally agree with you, this price is just a result of FOMO. Mainnet release is still more than month away, there is no logic behind this pump. It's just artificial.
It should retrace to lower levels.
kayamemet
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@ChristopherPrunus, what were the good news? could you please link or refer?
warrenct
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Hi. So I was under the impression that this could be a classic example of FOMO - people showing greed while I was being mindful or fearful that it could drop anytime soon. Just like what happened with BCH last year.
I saw that it hit a triple top on the 4HR RSI:
On the MACD:
And on the ADX and DI indicator:
Also - Is that the start of your Elliott wave? Or is it a subwave of a larger degree?
And its great that you are not buying into the FOMO as well.
Thanks
johntradingwick
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@warrenct, AGREED. Too much FOMO. I tried shorting, lost some money. I am just sitting out now.