I don't usually do altcoin analysis, since BTC is my main focus and it dictates how the other coins move, so TA for altcoins is only valid as long as BTC behaves properly. However, this chart has some nice clues about where EOS is likely to move further.
This coin had an incredible bull run the past few weeks, and now it's cooling off and consolidating the huge gains it made.
In this process it formed a bullish pennant / falling wedge, which (if completed with the maximum projected target) can push the price even higher.
The confirmation for the trade is the breakout of the wedge resistance.
As always, it's good to have a few conservative targets where it's smart to take partial profits, and then see if the rest can ride the wave to the final projected target.
Targets:
1. 0.002049
2. 0.002227
3. 0.002696 (this is the maximum projected target of the pennant, but the price could reverse at any of the targets on the list).
The pattern will be invalidated if the price goes below 0.0016200.
This coin had an incredible bull run the past few weeks, and now it's cooling off and consolidating the huge gains it made.
In this process it formed a bullish pennant / falling wedge, which (if completed with the maximum projected target) can push the price even higher.
The confirmation for the trade is the breakout of the wedge resistance.
As always, it's good to have a few conservative targets where it's smart to take partial profits, and then see if the rest can ride the wave to the final projected target.
Targets:
1. 0.002049
2. 0.002227
3. 0.002696 (this is the maximum projected target of the pennant, but the price could reverse at any of the targets on the list).
The pattern will be invalidated if the price goes below 0.0016200.
Comment:
Touched the resistance line of the wedge. Very good movement so far. Needs to break out of the wedge so we can see a real pump.
Comment:
The price has finally broken out of the resistance of the wedge after 2 failed attempts. :)
Comment:
Beautiful price action. EOS did not disappoint.