mulugulu91

Eos had a great bullrun. Is it going to continue?

BITFINEX:EOSUSD   EOS / Dollar
Hi Guys, a warm welcome to my most recent Analysis of EOS on the 4H time frame.
As you can see, EOS started a heavy bullrun on March 11th and went 60% up! Big numbers need big retraces so we are currently in the phase of correction. I have two scenarios here, both bullish and bearish which I am going to share with you:

Bullish
1. On the bullrun we formed a massive flagpole and are currently bouncing between the boundaries of the actual flag.

2. RSI cooled down which gives us the signal, that we have room for new higher highs

3. Stoch RSI cooled down and just crossed which is a bullish signal

4. Nevertheless, we don’t make any new high on the charts nor on the Indicators yet

5. If we see a bullrun, our minimum price objective would be the length of the flagpole from the point where EOS decides to break out of the flag, which is at around 11,74 USD


Bearish

1. The dotted yellow lines show the bearish scenario, which is a descending triangle

2. A successful break below the triangle and the boundary of the flag would mean – based on my TA – that the bullrun is over and a heavier downtrend is about to happen


How to trade
At the moment and the indecisive situation EOS is moving in, I would not trade this. However, if we break below the boundaries I mentioned above, we would have a good entry to open a short position with tight stops above the then formed resistances.

If we break out, a good entry – accompanied by heavy volume – would be above the upper line oft he flag.

Trade carefully and always be cautious!

Good luck!

M.S.
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