EOS, EOSBTC - The Premature Inverse Head & Shoulder Perspective
This is an update on a previous analysis and Elliot Wave count I did recently for EOSBTC, which you can check out underneath this post with the link to it.
We now have a new situation and Elliot Wave count to consider after the recent sell-off of the market. So let's take another look and analyze the chart once again.
Analyses
- After breaking the first upper trendline (blue), we now found support around the 16000 sats which is between the .382 and .50 fib retracement level and have set a new upward trendline.
- If the market doesn't sell off again and EOSBTC manages to move higher then we have finished the ABC correctional wave and make a start of a new impulse wave 1-5.
- If the above is correct, then watch for a possible inverse head & should to form which I've laid out on the chart with dark pink lines and my 1-5 wave count for forming that pattern which is basically wave 1 and 2 with the first upward movement of wave 3.
Note that this is obviously (very) premature perspective for the inverse head & shoulder pattern to form cause a lot of variables are in play and could change the prediction of course but if you have this awareness beforehand, then you can trade accordingly!
So with this and above analyses in mind, if you do want to swing trade EOSBTC then this is how you can trade it:
Trade Instructions
Buy Area
0.0016000 - 0.0017000
Profit Target
1. 0.0018732
2. 0.0020878
3. 0.0022406
4. 0.0024351
5. 0.0026537
Stop Loss
0.0014500
Keep in mind that you can always use a larger stop or no stop at all if you believe in this coin for the mid-long term but remember always to invest accordingly and what you're willing or can afford to lose!
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma :).
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
We now have a new situation and Elliot Wave count to consider after the recent sell-off of the market. So let's take another look and analyze the chart once again.
Analyses
- After breaking the first upper trendline (blue), we now found support around the 16000 sats which is between the .382 and .50 fib retracement level and have set a new upward trendline.
- If the market doesn't sell off again and EOSBTC manages to move higher then we have finished the ABC correctional wave and make a start of a new impulse wave 1-5.
- If the above is correct, then watch for a possible inverse head & should to form which I've laid out on the chart with dark pink lines and my 1-5 wave count for forming that pattern which is basically wave 1 and 2 with the first upward movement of wave 3.
Note that this is obviously (very) premature perspective for the inverse head & shoulder pattern to form cause a lot of variables are in play and could change the prediction of course but if you have this awareness beforehand, then you can trade accordingly!
So with this and above analyses in mind, if you do want to swing trade EOSBTC then this is how you can trade it:
Trade Instructions
Buy Area
0.0016000 - 0.0017000
Profit Target
1. 0.0018732
2. 0.0020878
3. 0.0022406
4. 0.0024351
5. 0.0026537
Stop Loss
0.0014500
Keep in mind that you can always use a larger stop or no stop at all if you believe in this coin for the mid-long term but remember always to invest accordingly and what you're willing or can afford to lose!
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma :).
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Trade fechado: stop atingido:
Updated analyses:
