Hello fellas, Do you remember when I said that is a probability for EOS to touch the previous support that is now become a resistance as a possible action for phase 2 break out strategy? Yes, I believe that scenario is going to happen before a major drop and still I am expecting a rejection at retested region for phase 2 confirmation.
But, as a day trader that is not very wise to just wait the price at the resistance to enter the big short when we see a possible spike toward the upside as the confirmation of wave 5. That is why I am interested in entering long position for this alts!
The reason is :
1. The dynamic resistance on 2 hours chart is holding the price really good.
2. Based on elliot wave count, there is 1 more possible wave up
3. The momentum of bitcoin which will spike higher. It will affect the price on alts with USD pair and will have a positive correlation.
With sacrificing not more than 4% and a potential return of more than 9%, I think this set up is pretty good.
I divide 3 take profit region:
1. at the tiny golden pocket which I represent with yellow region
2. Previous swing high
3. Slightly under the 2.618 fib extention levels which has a confluence pattern with previous major support that is now become resistance to be tested.
Thank you
But, as a day trader that is not very wise to just wait the price at the resistance to enter the big short when we see a possible spike toward the upside as the confirmation of wave 5. That is why I am interested in entering long position for this alts!
The reason is :
1. The dynamic resistance on 2 hours chart is holding the price really good.
2. Based on elliot wave count, there is 1 more possible wave up
3. The momentum of bitcoin which will spike higher. It will affect the price on alts with USD pair and will have a positive correlation.
With sacrificing not more than 4% and a potential return of more than 9%, I think this set up is pretty good.
I divide 3 take profit region:
1. at the tiny golden pocket which I represent with yellow region
2. Previous swing high
3. Slightly under the 2.618 fib extention levels which has a confluence pattern with previous major support that is now become resistance to be tested.
Thank you
