Here we are sitting on the Low of June exact same level also where we bounced from recently after the rally to $22.
We can all agree Eos has been bleeding like a wounded animal, you can see here on the 8 hour chart the last consecutive 12 candles have all been RED. Now we are at this important level from which we bounced/created a bulltrap the last time. We can also see that with under 2 hour remaining til the candle closes it is currently green. We might have a hope of stopping the bleed if this candle closes nice and green but I also remain skeptical as it is starting to form a wick of sorts.
We should closely monitor this level because it will tell us if we have found some support or will keep bleeding.
I'm not currently in a position, but might be tempted into shorting this if it doesn't find support then maybe think about a long at around $5.8-$6 were we were before the rally to $22.
In other words, just thought I would share as it's something worth keeping an eye on even though ultimately this is all connected to BTC we are trying to find the real value of EOS as the last rally we had was kind of based on hype.
We should not try rather than actually be patient to avoid getting wrecked.
We can all agree Eos has been bleeding like a wounded animal, you can see here on the 8 hour chart the last consecutive 12 candles have all been RED. Now we are at this important level from which we bounced/created a bulltrap the last time. We can also see that with under 2 hour remaining til the candle closes it is currently green. We might have a hope of stopping the bleed if this candle closes nice and green but I also remain skeptical as it is starting to form a wick of sorts.
We should closely monitor this level because it will tell us if we have found some support or will keep bleeding.
I'm not currently in a position, but might be tempted into shorting this if it doesn't find support then maybe think about a long at around $5.8-$6 were we were before the rally to $22.
In other words, just thought I would share as it's something worth keeping an eye on even though ultimately this is all connected to BTC we are trying to find the real value of EOS as the last rally we had was kind of based on hype.
We should not try rather than actually be patient to avoid getting wrecked.
Comment:
Forgot to mention the obvious that the 8 hour RSI is currently oversold too.