EOS BTC retracement and long position
EOS in a a small healthy retracement after the crazy week he had.
We can see the forming of a descending triangle which historically on EOS transforms in a falling wedge for a few days.
A high risk setup would be to buy right under the 0.236 FIB level where it touches what could become a medium term support - the one from 16-04-2018, if this support is tested and doesn't hold we have two scenarios in place:
- wait for the bounce on 0.382 and this level to be resolved in a a bullish way and we should wait for confirmation signs of volume or bullish RSI and current resistance to be tested and become support - the angled line of the triangle
- wait for the break of 0.382 and the bearish resolving of this Fib level. This offers the chance of sideways action for a few days until RSI or Volume signal a buy sign and we can see a how the the current resistance is transformed in support. In this scenario EOS could move sideways until it touches his 2018 support which starts at the 0.00053654 level
We can see the forming of a descending triangle which historically on EOS transforms in a falling wedge for a few days.
A high risk setup would be to buy right under the 0.236 FIB level where it touches what could become a medium term support - the one from 16-04-2018, if this support is tested and doesn't hold we have two scenarios in place:
- wait for the bounce on 0.382 and this level to be resolved in a a bullish way and we should wait for confirmation signs of volume or bullish RSI and current resistance to be tested and become support - the angled line of the triangle
- wait for the break of 0.382 and the bearish resolving of this Fib level. This offers the chance of sideways action for a few days until RSI or Volume signal a buy sign and we can see a how the the current resistance is transformed in support. In this scenario EOS could move sideways until it touches his 2018 support which starts at the 0.00053654 level
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