WackoJacko1
Long

Bullish scenario on EOS/BTC!

BITFINEX:EOSBTC   EOS / Bitcoin
I already pointed out a bullish scenario for EOS/USD, in which I mentioned that 1.272 fib level could be a possible price target ($28). Now, let's see what EOS/ BTC has in store.

The things I noticed in EOS/ BTC are 1. A possible cup and handle pattern and 2. A potential fifth wave in an Elliott Wave pattern. Given these two bullish patterns, I would first watch out for every Fibonacci level that exceeds 1 (so, 1.272 and 1.618). See the chart for price targets.

However, a much more bullish price target would be when we apply the following principle of a cup and handle from Investopedia:
"... add the height of the pattern to the breakout point. This target assumes that the size of the rally within the cup will be replicated on the next rally. If indeed the long-term trend has reversed, the price should be able to reach this target, and potentially exceed it." What this means, is that EOS will add a remarkable 96% to its current all-time-high, which would result in 0.0046 BTC!

I'm not saying it will most certainly reach these targets, I'm just pointing what could potentially happen. Trade responsibly!
Comment: A falling wedge is forming on EOS/BTC which could be the bullish sign that makes an end to wave 4. I think it won't dump further than .618 Fibonacci level (around 0.001)
Comment: Wave 4 with an inner ABC-correction
Comment: Initial bounce from .618, like I told you. Let's see if it holds :)
Comment: IF .618 doesn't hold, I'm looking for the following spot:
Comment: Looks like a bullish divergence + bullish crossover on daily stochastic rsi!
Comment: I just saw this idea and since I don't want to steal anyone's idea, I figured it was fair to just post his/her chart here:
Comment: It worked out guys! Have a look 3 charts back :)

Comments

This is interesting.
Reply
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