Trade Recommendation: EOS
Like many other cryptos at this juncture of the bearish cycle, we are at an inflection point. The Weekly Pivot Range is in play for many of the charts and this tells me we are either going higher if we can break above, or lower if the price fails to follow through.
On the 60 minute chart of EOSUSD pair we need to see the price break above the swing high resistance which will also confirm the breakout above the Weekly Pivot high. Currently the support is holding at the 6 Day Rolling Pivot Range (RPR) and the Daily Pivot Range, so bias is to the upside.
Our price targets will be in the area of the Monthly Pivot Range. Remember this is not a prediction of the market move up. This is a trade signal based on the condition that the market move above the 12.5880 area to confirm a breakout move up.
So the action to take is to place a buy order slightly above the swing high 12.5880. Place your stop loss and profit targets stated below. These are prices for the Kraken Exchange.
Entry Price: 12.5880
Stop Loss: 11.5900
Profit Targets: First profit target 13.7500. Second profit target 14.2000. Once price hits 13.1500 raise the stop loss to breakeven.
Disclaimer: The writer owns Ripple, Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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