Hi guys,
Today I have brought you EOSUSD in the 4-hour chart.
Since the last move higher EOS is still in a sideways structure. The crypto is nearing to break out to the upside. However, a breakout higher still needs to be seen. Ideally, it should now pullback to the 23.6-38.2 retracement area before the last move higher can be seen.
I have drawn you 2 possible scenarios. The black one is the ideal one. We should get a new high and a pullback lower and from that area, it will decide whether it makes a new high or it continues its downtrend lower.
The second one is when the crypto does not make a new high (redlines). It can fail at the resistance area and start moving lower again. But that needs to be seen at this stage. Hope this helps.
Cheers and trade with care
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Today I have brought you EOSUSD in the 4-hour chart.
Since the last move higher EOS is still in a sideways structure. The crypto is nearing to break out to the upside. However, a breakout higher still needs to be seen. Ideally, it should now pullback to the 23.6-38.2 retracement area before the last move higher can be seen.
I have drawn you 2 possible scenarios. The black one is the ideal one. We should get a new high and a pullback lower and from that area, it will decide whether it makes a new high or it continues its downtrend lower.
The second one is when the crypto does not make a new high (redlines). It can fail at the resistance area and start moving lower again. But that needs to be seen at this stage. Hope this helps.
Cheers and trade with care
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.