Persistent lower high trendline formed last May 21’s peak has kept EOS bulls at bay. Price keeps going down!

As a result, my May 28 long trade plan has triggered its stop loss:

https://www.finlogix.com/analysis/20240528/eos-intraday-analysis-and-trading-plan-for-may-28-2024

Marking my first loss for the cryptocurrency.

Join me as I share a new trade analysis for the EOSUSD crypto pair.

The US is set to have 3 remaining high impact economic reports tonight.

Re-assessing EOSUSD’s high timeframe candles:

Yearly Candle: Still a Red Long-Legged Doji since last check

Monthly Candle: Previous close is a Green Long-Legged Spinning Top current is a Red Spinning Top

Weekly Candle: Previous close is a Red Body with Equal Wicks current is a Red Long-Legged Spinning Top

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Long-Legged Spinning Top

So the bearish 4H FVG mentioned last time has failed to be retraced suggesting this area holds up as resistance.

Price keeps going lower since my check last May 28 extending the May 21 lower high trendline resistance.

Intraday’s dip has also printed a fresh lower low since May 15 but the good side is a nearby bullish 4H FVG has also been retested and holding up as well.

So EOSUSD’s price is sandwiched between these 2 FVGs with a lowering high and lows.

However, a bearish descending triangle is more pronounced if we look more carefully.

While Bitcoin enjoys trading its price above the $70,000 reclaimed resistance, some alts including EOS have lacklustre performance!

Even though I’ve mentioned that a bearish descending triangle is more likely to play out, I’m still betting a bullish price scenario will occur soon.

Previous 4H candle is a strong rejecting pin bar and currently shows signs of resilience.

I like to open a long position at the current 4H candle. The stop loss is set below the bullish 4H FVG’s complete retracement while setting the take profit towards the opposite complete retracement of the bearish 4H FVG.

This new long trade plan is actually having the same profit target previously.

Hoping the nearby 4H bullish FVG holds to nullify a bearish descending triangle pattern!

Let’s see how this one goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

EOS Intraday Analysis and Trading Plan For June 7, 2024

Jun 07 2024

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