EOS Technical Analysis: UNABLE TO BREAK RESISTANCE...YET
EOS rejected off the descending resistance I’ve been discussing for the past week. Price broke out of the ascending support, suggesting a larger correction may be taking place.
I believe we’ve seen the top of primary wave 3 and are now entering an ABC correction. Primary wave 2 corrected very deep, hitting the 0.786 fib before bouncing. Probability tells us primary wave 4 should finish somewhere between the 0.386 and 0.5 fib level. This puts an ABC correction somewhere between $6.30 and $6.00. Here’s how it may play out:
In today’s video analysis, I discuss what could invalidate the above count, other possible scenarios, traps to avoid, and MUCH more information not found above.
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
Once BTC makes it move, EOS will be right behind it.
Yep...that's usually how it happens. ;-)
I'm waiting for mid-September. Two weeks from now this current bullish trend will either have broken out of channels/through resistance, or it will be dipping for another BTC-to-$6k trough.
Could be...
It will be one of those two my friend, it will be.
LOL....I agree it'll be going up or down, the question is, where will it be in 2 weeks. Regarding Bitcoin, there's a ton of resistance all the way up to $11,800. Looking down, there's a lot of support between $7,000 and $6,000. If we get a decision on ETF's that could drive a major bull run or a possible collapse depending on the ruling. Regardless of how much we don't like the SEC's influence, there's no doubt it's there.
What'll be interesting is how retail reacts to the SEC pushing the decision off until next year...which I'm thinking is a very likely scenario. I'm already seeing articles saying the decision will be delayed...which means that may be baked into the price already and not have much influence. That said...if a surprise decision is made, we could see a bull or bear run to new highs or new lows. Oh, to be a fly on the wall inside the SEC....
I honestly think ETF interest is waning (as it rightly should). The longer it takes, the more the effect will diminish.
I wouldn't worry too much about resistance above the current BTC price. If BTC starts to run properly it will melt through that that a mosquito in front of a blowtorch. Half the sell orders will also probably disappear.
Yeah....as I said, the delay is baked into the price. This will make a decision (whenever it happens) have that much more of an effect on price since no one will expect it.
As far as areas of resistance, I agree. When bitcoin starts the actual bull run we're all waiting for, it'll be unstoppable. You'll recognize it when daily volume is consistently above $10 billion and price crashes through prior resistance like butter. Until then, we've got to worry about little things like support and resistance if we're going to trade the market in it's current state. Unless you're just holding and waiting...then I suppose it doesn't matter. Personally, I love trading this market. Never a dull moment.
Good perspective.
EOS has had a good run, let's have it rest a bit.... ;-)
I think that's exactly what it's doing. ;-)
Good Count, let's see if the 4th wave stops at 6$ and validate the next move
Time will tell...
I'm very stubborn! I am waiting for this to hit the $4.00 area so I can buy as much as I can.
I've had buy orders stacked between $4.00-$3.50 for the last month. We'll see if they ever get filled. I'm starting to doubt it.
I'm starting to doubt it too. I was one of the lucky ones who bought in at around 0.80 and have left in a wallet and will not touch it for the next year or two. I want to buy again and try to daytrade or swing trade the amount of eos I buy now. Probably a mistake to try and predict the bottom and should have slowly started to buy when it was around $4.50 a few weeks ago.
That's great. I wish I would've bought at $0.80. I DCA'ed in between $2.40 and $3.00. Not bad...but I'm still kicking myself for not getting in earlier.
More about #cryptocurrency #eos in these posts:
EOS Bulls - Not Out of the Woods Yet! by downhillblues
Fireside Chat w/ Marshall Long 9/14/18 by eosdallas
EOS $6.37 değerinde ! by cemill
The EOS Tribe #WyoHackathon Challenge by eostribe
TAKAFULY - Platform for the exchange of peer-to-peer services on Eos by blockcryptochain
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