EOS just keeps going up...
Almost at the top!
Chart #1 : EOS/BTC / BITFINEX / 1D https://www.tradingview.com/x/uOinU2l2/
Let's start by looking at the 1D chart. What is the big trend? Well fortunately, EOS is still looking fairly bullish. It corrected a little but bounced right back from the Tenkan Sen (blue line). But where is EOS headed? There is a pattern forming right now that is similar to what happened before. The past is NOT an indicator for future performance but I think now is the time to be cautious. Last time, there was a bearish divergence which foreshadowed breakdown in prices. Similar price action can happen. I am going to look for a repeat in the divergence. This means that if EOS reaches a new ATH but failed to form a higher peak in the RSI, I would be very cautious. But I am going to reiterate that the big trend still says EOS is bullish.
Let's zoom in
Chart #2 : EOS/BTC / BITFINEX / 4H https://www.tradingview.com/x/woTGcxKC/
Let's zoom into the 4H chart and see what's happening. EOS is showing a bearish TK cross. However, the price is still in the Kumo cloud so it's not a strong bearish signal. Even in the 4H chart, there is a price pattern forming. There is a possibility, even with the slight bearish TK cross, that the price will recover. If the prices breaks below the Kumo cloud (support line) then I would start worrying.
Be careful out there guys.
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