FxWirePro:EOS/USD trades lower on news of UpBit involvement in fraud, good to sell on rallies

• EOS/USD is declining sharply after hitting high of $23.02 on Apr 29th 201. It hits low of $120.05 almost 47.6% on May 12th 2018. EOS has released EOS Dawn 3.0 in form of test net and EOS Dawn 4.0 released on May 11th. It is main reason for sudden jump in EOS prices. The launching of EOSIO main net scheduled for Jun 2nd 2018. The pair declined sharply almost more than 30% after news of UpBit involvement of fraud. UpBit is the largest market for crypto currency EOS accounting for 13% of all trades.  It is currently trading around $13.76.
   
• The pair has taken support near 61.8% fibo and shown a minor jump from that level. The near term resistance is around $15.91 (support turned into resistance)  and any break above will take the pair to next level $17.06(20- day MA)/$18.87/$20.
   
• The major support is around $11.15 (61.8% fibo) and any convincing break below will drag the pair till $9.88 (Apr 21st 2018 low)/$7.80. Major weakness only below $3.87.

It is good to sell on rallies around $15.85-$16 with SL around $17.50 for the TP of $11.20/$8.