@rafaelken1989 17 September 2022

EOSUSD Bull Trap Incoming?

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. Such peat doubled EOS' value. 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. We'll see what happens next. Soon. Original article written by me: https://www.finlogix.com/analysis/20220917/eosusd-bull-trap-incoming