EOSShort
EOS To Go Down to $3 USD Range
Updated
I have seen people posting articles or charts of EOS in a falling wedge. They believe they have just witnessed a breakout and a potential wave 1 - after a 4 month a,b,c correction - and they see EOS going on another bullish run.
This post is to contradict this bullish analysis...
Firstly, I too initially had the same idea EOS was in another downward wedge, (and the above may also play out) but now I am more inclined to draw EOS in a downward channel. Check out the real wedge seen on the wave 3 in the chart, in comparison to the slope in this recent a,b,c correction - they appear quite different. So if we're in a downward channel that EOS has yet to brake, then I see some more downward momentum. Especially as EOS was also rejected just the other day.
Next is the RSI - Although EOS was oversold prior to the last minor pump, I see EOS revisiting the 27% support line again to close out the a,b,c correction.
Next is history - I bought ESO during the first week of the ICO. I recall it's first pump on Bitfinex before it plummeted into a long drawn out downward trend. I see EOS repeating this pattern and like most alt coins, retracing to the 0.88 fibonacci line.
And finally is Bitcoin - I would love to see Bitcoin hold the 6k resistance line. But I wish for and what is more likely are different stories. And as Bitcoin leads the entire crypto market, it will pull all alt coins down with it once the 6k line fails.
Therefore, I am calling for further bearish sentiment in the market and placing the bottom around the $3 USD mark.
This post is to contradict this bullish analysis...
Firstly, I too initially had the same idea EOS was in another downward wedge, (and the above may also play out) but now I am more inclined to draw EOS in a downward channel. Check out the real wedge seen on the wave 3 in the chart, in comparison to the slope in this recent a,b,c correction - they appear quite different. So if we're in a downward channel that EOS has yet to brake, then I see some more downward momentum. Especially as EOS was also rejected just the other day.
Next is the RSI - Although EOS was oversold prior to the last minor pump, I see EOS revisiting the 27% support line again to close out the a,b,c correction.
Next is history - I bought ESO during the first week of the ICO. I recall it's first pump on Bitfinex before it plummeted into a long drawn out downward trend. I see EOS repeating this pattern and like most alt coins, retracing to the 0.88 fibonacci line.
And finally is Bitcoin - I would love to see Bitcoin hold the 6k resistance line. But I wish for and what is more likely are different stories. And as Bitcoin leads the entire crypto market, it will pull all alt coins down with it once the 6k line fails.
Therefore, I am calling for further bearish sentiment in the market and placing the bottom around the $3 USD mark.
Note
If $4.72 cannot hold the neckline, this drop should surpass my original prediction (although it was just a range) to $2.69.
Trade closed: target reached
Hi all,Although my target has been reached after many bullish comments from others, you may think I am now going to say it is up from here. Sure, we will see a little bounce, but I don't see this as a bottom.
Why? The volume didn't enter to demonstrate a capitulation candle.
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