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Friday, September 11, 2020

EOS/USDT review of the horizontal channel

EOS/USDT review of the horizontal channel


Like most of the crypto assets, BINANCE:EOSUSDT is currently trading in the horizontal channel. This channel is supported by the decreasing volume and the buy zone between $2.65-$2.8. The overall high of the channel is around 8% and there are 2 main ways how to trade in the horizontal channel.

1) Trade from one end to the other. Taking into consideration that the asset is experiencing the overall downward movement, the best option is to wait for the price to reach the level of $2.8 and then short sell the asset to the bottom of the channel.
2) Scalp the momentum breakouts. This will occur when the price is reaching either upper or lower limits of the horizontal channel. The levels to look for: $2.8671 for the long scalp and $2.6212 for the short scalp.

The overall conclusion and what we expect based on the current view of the market is that the asset will reach the upper side of the channel, make manipulation and then will go towards the bottom of the channel with the potential breakout below the channel into the area of support.

from Trading Ideas
via gqrds

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