EOSUSD has a strong recovery since its June lows below a dollar that lead to nice comeback at least re-testing its former FVG (fair value gap) price last May's peak at almost $2.

Price corrected afterwards to as low as $1.30-1.35 at the end of August and it continued to be the observed demand in September.

With its 4-hour 50-moving average hints an incoming bear and death crosses, I need to evaluate EOSUSD potential price trajectory.

All I can see right now is that the $1.30-1.35 price range still wants to act as the immediate relief and the fact that EOSUSD came from a very good rally, I think that it the 4-hour MAs will set-up some bull trapping first before the relief range breaks down.

I will short EOS at my speculated bull trap then exit at its 61.80% retracement area.

In case my TA goes off direction, stop loss is placed at $1.82.

This short trade plan gives me a risk:reward score of 3.

EOSUSD Bull Trap Incoming?

Rafael Ken Aguilar

Sep 17 2022

Pending

Published 18d ago

1.2029

Current price

1.6800

Entry price

1