Remember yesterday when we spoke about EOS breaking out its daily range and ripping higher?
Pretty much as soon as I published the post, there was that market wide (Bitcoin led of course) pullback, that saw all of the alts lurch back down.
Take a look at the EOS hourly chart and you'll see what I mean:
But something I'm always preaching on the blog is that even the irrational moves are actually highly rational.
Can you see the zone that price pulled back into?
Not allowing even one hourly candle to close below it.
It's the higher time frame zone drawn from the daily chart, but if it's not yet on yours, take a look at why its there below:
All I'd done is taken the wick of the most obvious rejection point from August 2020 and then drawn it as a zone down to the candle base.
Nothing scientific about the zone sizes or length, other than what looked good.
There's always order in the disorderly!
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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