PAIR: EOSUSD, LONG SHOT HOLD
EOS was first listed on a secondary market after the first phase of the ICO in July 2017 and therefore does not have ample price history.
The daily can be reliably used in this case to help determine if a trend exists, and where support or resistance targets may be located.
The following will be used to check the price action and possible price targets: the pitchfork,chart pattern,BB,william alligator.
A Pitchfork on the DAILY chart, with anchor points in September, November, December and Febuary shows price in the bottom zone of support.
Overall, this Pitchfork should be a very loose guide on price trajectory because very few of it’s support and resistance levels have been tested at 19.8usd (resistance) and 3.9usd and 5.5usd(support). The test of validation (the green boxes) which is test of the ML(MEDIAN LINE RED LINE) is the important zone price will always pull back to.
RULE 1 OF THE PITCHFORK:
THERE IS HIGH PROBABILITY THAT PRICE WILL REACH THE LATEST MEDIAN LINE(ML).AS SHOWN BELOW:
With an expected price target back to the red line (ML) 30USD,which is the reflection of the use of pitchfork..
THE CHART PATTERN
HIGH AND LOOSE BULLISH FLAG
High and loose flags are the best performing chart pattern in both bull and bear markets.
Price trend Upward leading to the pattern. The price should rise by at least 90% in less than 2 months.A consolidation pattern forms after price doubles. It usually doesn't look like a flag or pennant, just a pause in the price rise.
Volume Recedes for best performance. The pattern confirms as valid when price closes above the highest peak in the pattern. price has broken out and closed outside the rectangular bullish flag. A measured move up to price target will be achieved as price slowly swing up. AS SHOWN BELOW:
THE WILLIAMS ALLIGATOR:
The greenEMA (lips) crossing the other 2EMAs gives a strong long entry signal to go long and no sign of crossing back.
THE BOLINGER BANDS
The first tightest squeeze of the bands(constriction). When the bands comes together not indicating a point of coming apart, then a move is calling. Current the bands are moving more forward and might likely move separate ways causing it to become BULLISH EXPANSION. Same high as breakoing the ATH at 18usd.
TECHNICALS SUGGEST that buying at the price will be considered a hold till target is reached.
BUY : CURRENT PRICE OR AT 9-7USD
SELL: 20USD, 25USD,30USD,35USD and 40usd
STOP LOSS: NONE
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.