Trade Recommendation: EOS

EOSUSD is setting up nicely on the Daily chart for another possible move up. Although we have seen a somewhat meteoric rise in the last few weeks, the fundamentals and associated positive media surrounding the project has given way for a very good continuation setup.

Technically, the underlying uptrend is solidly intact and appears to want to hold. As good practice, we always want to have confirmation. This will come in the form of higher prices and a closing price above the current near term significant resistance level of the Weekly Pivot Range.

The action to take is to place a buy order to enter the market long if the market closes above the Weekly Pivot Range high level of 18.7100, on the Daily chart. This will confirm the market wants to move higher. Place the stop loss just under the Monthly Pivot and the profit targets stated below.

Entry Price: 18.7100
Stop Loss: 15.2800
Profit Targets: First profit target 24.2500. Second profit target 27.3000. Once first profit target is reached, bring stop loss to breakeven, then as the market makes new highs, trail a stop loss on remaining position 50 points behind to safeguard profits or until second profit target is hit.

Disclaimer: The writer owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.