EOS: Block One Short Term Move 5.23% Unleveraged – 50% with 10X Leverage
EOS, backed by Block One.
Nouvive’s Partners, CACM Global and Aeries Rating have found EOS to have one of the best fundamentals in terms of Marketing, Team and Venture Capitalist Backing.
This is perhaps why we saw it go from $1 to $20 in the space of 6 months, especially during a bearish Market.
Moreover, the mere fact that they raised $4 Billion means that they can allocate at least 10% to Marketing – making their marketing department far more superior to Ripple’s.
They are also backed by both Bitmain and several sovereign wealth funds.
What about this trade?
EOS bounced following their lows, illustrating a short-term reversal that saw a 10% bounce.
Longer term over 3 weeks, EOS is using 0.382 as a support line, with a lot of buys at that level – illustrating a strong structural support,
Following that, there seems to be a quick coming off period, for which we recommend to enter 0.0007475.
There is a strong trend line over the past two days, therefore it is difficult to see if a negative position would see an overturn.
Moreover, Bitcoin is increasing in value, therefore such a position would not occur.
There is medium sentiment towards EOS at the time of writing.
Therefore, Nouvive recommends a BUY.
Where should you take profit, a short-term take profit should be at $5.10 as a result of the sell pressure at that level, that could mean a retracement.
A long-term take profit of 3 Week duration would illustrate a sell at $5.19, from both a wick upwards of the local support area and there being a huge sell wall there.