EOS on the 30 min chart gave a MAJOR warning sign with the cross of the 200 EMA above the 55 EMA.
We are channeling in a bear flag with lots of upper wicks hitting resistance.
There is a really good chance that we will see a pullback.
MACD crossed over on the negative side and will likely have trouble breaking positive.
This could be a good opportunity to start laddering some short positions. I gave a general target for a short position.
we will likely see .382 fib levels at a minimum if this pullback occurs.
Be careful in this position as a move upwards with BTC could have impact on this move.
Happy trading!
We are channeling in a bear flag with lots of upper wicks hitting resistance.
There is a really good chance that we will see a pullback.
MACD crossed over on the negative side and will likely have trouble breaking positive.
This could be a good opportunity to start laddering some short positions. I gave a general target for a short position.
we will likely see .382 fib levels at a minimum if this pullback occurs.
Be careful in this position as a move upwards with BTC could have impact on this move.
Happy trading!
Trade closed: target reached:
We hit the .382 fib level perfectly and than had a major bounce upwards. As I said above a move upwards with BTC could have impacted this play and sure enough BTC had a spike on the 30min chart and it looks like EOS also followed.