Good Morning, Traders!
EOS looks to be forming into a pennant after a recent very bullish candlestick was created. As of now, the top and bottom of this possible pennant have only been tested twice each. This doesn't make the pennant very strong and could also be forming a double top pattern instead. If the pennant completes, the breakout will most likely be bullish and will be met with resistance at the 161.8% fib retracement level. Although, after measuring the breakout, the target for this pennant breakout will be slightly before the fib level, but closer to the resistance caused by the Ichimoku cloud.
If the double top pattern occurs instead, the price will be expected to travel about the same magnitude, but in the bearish direction. The price is expected to mee resistance at many points on its trek downwards but the greatest resistance will be at the price point of around 0.00051000.
Important Resistance Levels: 0.001, 83336
Important Support Levels: 0.00068, 0.00065
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
EOS looks to be forming into a pennant after a recent very bullish candlestick was created. As of now, the top and bottom of this possible pennant have only been tested twice each. This doesn't make the pennant very strong and could also be forming a double top pattern instead. If the pennant completes, the breakout will most likely be bullish and will be met with resistance at the 161.8% fib retracement level. Although, after measuring the breakout, the target for this pennant breakout will be slightly before the fib level, but closer to the resistance caused by the Ichimoku cloud.
If the double top pattern occurs instead, the price will be expected to travel about the same magnitude, but in the bearish direction. The price is expected to mee resistance at many points on its trek downwards but the greatest resistance will be at the price point of around 0.00051000.
Important Resistance Levels: 0.001, 83336
Important Support Levels: 0.00068, 0.00065
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst