EOSUSD: Interesting Market for Buying
EOS / Dollar BITFINEX:EOSUSD
This is a market with a good price for buying – it should be added to a watchlist. If Bitcoin moves upward, EOS will follow the main crypto coin. If so, we will have a rather interesting trade opportunity.
Look at the daily chart , please. The price follows the downtrend line, which tells us about the bearish trend . If the price breaks above this trend line , we will get a trend reversal signal based on TA tools. This breakout can be used for buying with stop orders below 2.35 local swing low. Profit targets should be placed at the resistance levels.
If the price breaks the local support, we will see the falling to the previous bottom at 1.50 level. In 2018 this zone became the starting point for a new uptrend. This time it will be able to stop the falling market and provide one more buy opportunity for the long term trading.
Don’t forget that this trading idea describes just two possible market movements. It does not mean that the price will move like this. Markets move following their own plans. That’s why we should use stop orders and proper risk and money management.
Source: TW DLavrov