PLAYING A GAME OF CHICKEN: EOS Technical Analysis

In my prior video analysis, I warned of a possible bear trap. Shorts were stacked and market makers wanted to take them out. We ended up seeing the short squeeze as market makers pushed price down, tried to trap investors low, only to push price right back up.

Retail investors are getting smarter. While some short positions were liquidated, may others held strong. Shorts remained stacked at an impressive level. I believe market makers have wanted to drive price down, but have been waiting...trying to liquidate shorts before hand. The fact that many retail investors have been holding their short positions is very interesting. It’s as if market makers and retail investors are playing a game of chicken. Will market makers drive price up to liquidate shorts? Or will they let price to drop, allowing retail investors to profit?

Looking at the 1 day RSI, we can see it’s still been unable to break above the descending resistance. If it does, that'd break a major bearish trend.

The 4 hour MACD reveals a tightening of the MACD line and signal line within a wedge. As it approaches the apex of this wedge, a breakout (up or down) becomes more likely.

In today’s video update, I discuss future price movement, traps to avoid, my Elliot wave count and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.

Video Analysis:

If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.

BIAS:

Short Term: Neutral
Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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by Workin2005

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