EOS is getting ready to embrace its 2023 lows as price keeps going down since May 21 peak!

As a result, my June 7 long trade plan has exited in another loss after holding for 5 hours only:

https://www.finlogix.com/analysis/20240607/eos-intraday-analysis-and-trading-plan-for-june-7-2024

The US is set to have 6 high impact economic reports this week.

The crypto markets in general are trading within their June support levels but EOS is aggressively traded more lower.

Re-assessing EOSUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Long-Legged Doji now a Red Inverted Hanging Man

Monthly Candle: Last check is a Red Spinning Top now a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Red Body with a Slightly Longer Tail Wick

Daily Candle: Both previous and current are Red Body with Slightly Longer Tail Wicks

Note: I’m using Tradingview.com under the EOSUSDT pair in Binance Exchange to thoroughly re-assess these high timeframe candles.

The June 6-15 swing high to low move are our retracement points of view.

Based on these retracement points, the main trend is bearish since May 21 external high with an unclear target towards 0.57 level while the counter trend targets the 0.7950 level upon reversal.

The price reversal can be validated if intraweek’s low performs a double bottom pattern confirming from last week’s low.

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 deeper.

Intraday’s dip has also printed a fresh lower low surpassing last week’s low.

A new bearish 4H FVG has also been formed from last week’s failure to stabilize above 0.65 mark.

EOS has been more oversold than other cryptocurrencies.

I like the intraweek’s swing low formation and prefer to trade in the counter trend’s direction.

I’m going to enter at the current 4H candle with a stop loss set in the main trend’s 0.57 level while the take profit is aimed 50% below the counter trend’s 0.7950 level.

Here are the order details to play this setup:

I’m betting for a weekly double bottom with a very handsome 8.50 RRR if goes accordingly.

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 17, 2024

Jun 17 2024

Stop Loss -3.42%

Holding time 2hr

0.5902

Entry price

0.5700

Stop loss price

1