EOS Technical Analysis: IS A BREKAOUT LOOMING?
EOS is operating within a small wedge and looking prime for a breakout. Price has been hovering right below a major descending resistance. If it breaks above, I believe a quick rise to $7.00 is likely.
Looking at the 4 hour RSI, we can see it’s created a small falling wedge. This is a bullish pattern and usually breaks up.
The 4 hour chart reveals the Bollinger bands narrowing (bottlenecking). This suggests a possible larger move is coming. The 50 day MA crossed above the 200 day MA about 48 hours ago. This is a bullish sign of strength.
In today’s video analysis, I discuss trade entry points, price movement over the next few days, my Elliot wave count and MUCH more information not found above. I hope you find it helpful.
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: Slightly Bullish
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
Can I ask her something? What do you think what EOS will be worth in 3 to 5 years? When I read something like that here, I get really bad mood 😬
https://steemit.com/eos/@jrcornel/satis-report-you-won-t-believe-what-price-they-say-eos-is-going-to-within-the-next-year
The truth is, no one knows what EOS will be worth in 5 years. That said, the potential is there for 20-30x plus in my opinion.
Will it get there with all the competition? We'll see. What I like about EOS is, it's willing to change on a dime if/when something isn't working. It also has the team and resources to change and adapt. Most coins can't say that.
Crypto truly is the wild west right now. It's also a big gamble. If you'd have said 5 years ago that bitcoin would be worth $7,000, people would've laughed you out of the room. So all we can do is invest in potential, knowing that it's a major risk. That said, I think EOS is one of the best bets in crypto at the moment...but don't bet your life savings on it, or anything else.
Excellent analysis. Couldn't agree more. One should watch the ecosystem closely as constraints appear as the developer base experiences growing pains.
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Thanks @spivey
I bloody hope so. We could do with a breakout for the whole market at this stage. It should be a better couple of months coming up if historical trends are anything to go by.
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If the SEC approves ETF's later this month, we should see the start of a major bull run in the next few weeks. Of course if they reject it, the market will tank. It'll be interesting to see what happens if they postpone the ETF decision until 2019.
True. It should be interesting to see where they go with it. If they were watching the markets after the last postponement then they might be tempted to do it again.
They don't really have much motivation to approve ETF'S so unless there is some pressure on in the background I don't see them rushing to do it.
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Agreed...I think most are expecting another delay.
Good info/charts.
Thanks @dannybe
We need some big news now, then we can make it....