EOSBTC Diamond Pattern| Breakout Imminent !
Hello Traders!
Today’s Chart update will be on EOS/BTC, we have a potential diamond pattern coming into its apex, suggesting that a break in either direction is imminent…
Points to consider
- Trends is overall bearish
- Local support and resistances are posed by the diamond formation
- Structural resistance in confluence with diamond bull break
- Stochastics trading neutral
- RSI approaching apex zone
- EMA’s neutral, no clear direction
- Volume declining
- VPVR decreasing in transactions in both bull and bearish direction of the diamond pattern
EOS macro trend is considered to be bearish, putting in consecutive lower highs as it entered into to current diamond pattern. Local resistance and support of the diamond pattern are converging, coming closer to its apex; a break will be imminent in the near future.
Structural resistance is in confluence with the technical bull break target of the diamond pattern. A bear break target will however post new yearly lows for EOS, a break in either direction is imminent, we just need to wait for confirmation.
The Stochastics is currently trading neutral, momentum is stored both ways for the bulls and bears, we don’t have a clear direction as of yet. The RSI is however approaching its apex; a break will come to fruition which will be in confluence with the actual price break from the diamond pattern.
EMA’s are quite neutral with no clear direction; price is clearly trading through it. A break will establish either support and or resistance for the EMA’s, this will obviously be in confluence with a bull and or bear break.
Volume is declining, low volume suggests that a breakout is coming; we need to see an influx of volume with follow through to avoid a false breakout. The VPVR is quite interesting, volume of transactions have decreased both ways, this signals low levels of resistance posed by the VPVR when price breaks its apex…
Overall, IMO, a break from this pattern in either direction is very close, with concessive targets. We have volume declining as price comes closer to its apex, an influx of volume is more likely to come to fruition which will signal the break from the pattern.
What are your thoughts on this diamond pattern?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
Today’s Chart update will be on EOS/BTC, we have a potential diamond pattern coming into its apex, suggesting that a break in either direction is imminent…
Points to consider
- Trends is overall bearish
- Local support and resistances are posed by the diamond formation
- Structural resistance in confluence with diamond bull break
- Stochastics trading neutral
- RSI approaching apex zone
- EMA’s neutral, no clear direction
- Volume declining
- VPVR decreasing in transactions in both bull and bearish direction of the diamond pattern
EOS macro trend is considered to be bearish, putting in consecutive lower highs as it entered into to current diamond pattern. Local resistance and support of the diamond pattern are converging, coming closer to its apex; a break will be imminent in the near future.
Structural resistance is in confluence with the technical bull break target of the diamond pattern. A bear break target will however post new yearly lows for EOS, a break in either direction is imminent, we just need to wait for confirmation.
The Stochastics is currently trading neutral, momentum is stored both ways for the bulls and bears, we don’t have a clear direction as of yet. The RSI is however approaching its apex; a break will come to fruition which will be in confluence with the actual price break from the diamond pattern.
EMA’s are quite neutral with no clear direction; price is clearly trading through it. A break will establish either support and or resistance for the EMA’s, this will obviously be in confluence with a bull and or bear break.
Volume is declining, low volume suggests that a breakout is coming; we need to see an influx of volume with follow through to avoid a false breakout. The VPVR is quite interesting, volume of transactions have decreased both ways, this signals low levels of resistance posed by the VPVR when price breaks its apex…
Overall, IMO, a break from this pattern in either direction is very close, with concessive targets. We have volume declining as price comes closer to its apex, an influx of volume is more likely to come to fruition which will signal the break from the pattern.
What are your thoughts on this diamond pattern?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.