The quick, sharp up move on 12/22 (near yellow circle) signaled there are buy orders at the $3.00 level. This level also signifies getting into EOS at a discount. However price only was able to get back down to $3.90 in mid-April. I personally missed out as I eyeing and waiting for EOS to get to the $3.00 level. For those of you that were able to get in the trade, hopefully you took some profits at $14.
There were sellers at the $10 and $11 level, but those levels represented the middle of the curve, meaning the middle of the range. Usually the middle of the curve represent a shoot-out between the buyers and the sellers and anything is possible. Thus, taking trades in the middle of the curve are low probability trades…unless you are attempting to get in to join the trend.
Price has since breached the $14 level, so I’m looking for the buyers to continue to buy, until the price action becomes exhausted. This is key, pending how far price can move away from the $14 level, a potential buy is on the pull back at the $14 level. What we really need to see is price take out and close above the all-time high of $18.75 from 1/13 before the $14 level is a viable buying level.
If not, the next level is to buy at the $10-$11 level. Do you see that extend long range candle in green. Well, I know there are buyers and unfilled orders at that level and that level represent more of a discount vs. the $14 level.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
