EOS/EUR - Waterfall Setup to 2.30 € - Bulls Watch Out!

Sentiment is heating up in the crypto world, and with runs in cryptos like XRP or VIBE we may have some bottoms in place. In EOS however, caution is still warranted.

Looking at the 4 hour chart, we are still in the resistance zone (blue box) for wave 4. It would take a sustained break above that box - around 6 euros - followed by a corrective retrace in order for me to think otherwise.

Taking a closer look, we might need one more local high in order to create MACD divergence and to hit the 0.768 retracement of circle i, as well as the 2.0 extension of (c), but after that, a 1-2 setup for lower is in place.

The projections for lower from this level match really well with the larger structure. In all of the calculated targets for circle iii, iv and v, there is very good confluence with larger degree Fibonacci levels.

Personally I exited my scalp longs, and remain in waiting mode. Expecting lower, but will not fight a breakout!