After earlier in the week speaking about EOS remaining range bound on the daily chart, we've finally got some nice price action.
Here's what I was thinking earlier in the week:
With EOS lagging behind the general market, this coiling price action could be the catalyst for a nice breakout when it finally comes.
My trading style would give more weight to the horizontal resistance zone than the trend line, so I'll be waiting for a real test and breakout closer to the $4 mark.
Come on EOS.
So let's now bring up a fresh EOS daily chart and take a look at what's happening.
Take a look below.
If you notice today's EOS daily chart looks a little cleaner than the last, that's because I've flicked to the Coinbase price feed.
For some reason, they're the best feed to use when charting any crypto market on TradingView so here we are.
Excitingly, price didn't even pause at the $4 zone to give us an intraday retest of previous resistance as support, just like I highlighted Bitcoin doing yesterday.
I'm just looking at the hourly right now and I can see the same price action, but it's a little higher than the daily zone.
This makes using it as a day trading entry a little more risky, but if you play the risk:reward right and bail on the first sign of no momentum, it's the same setup.
I'll let the setup play out and leave my full explanation with charts on that one for another blog.
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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