Hello traders. Leave like and comment if the analysis can be useful. Except for the excellent performance of the entire altcoins and DeFi market in mid-August, the EOSBTC chart seems to be a catastrophe. Since February 14, 2020, the comparison with Bitcoin has had no history. In recent months, the MACD indicator has revealed a series of excellent long and short entry situations, but also a period of uncertainty with a succession of signals accompanied by low volatility. The same has appeared in the last weeks, with an apparent long entry signal, but a drop in price towards the oversold RSI zone.
It is possible for this pair to go through a new period of low volatility with a slight uptrend. In the past the MACD buy signals brought profits around 10% and 25%. Given the period of good strength of Bitcoin and low volumes, the long entry attempt sees a TP at 0.00025 (profit 7.3%) which could be followed by a new phase of downward trend. A next drop below 0.00023 would instead reveal new scenarios that could lead to new bottoms revealing the weakness of EOS.
It is possible for this pair to go through a new period of low volatility with a slight uptrend. In the past the MACD buy signals brought profits around 10% and 25%. Given the period of good strength of Bitcoin and low volumes, the long entry attempt sees a TP at 0.00025 (profit 7.3%) which could be followed by a new phase of downward trend. A next drop below 0.00023 would instead reveal new scenarios that could lead to new bottoms revealing the weakness of EOS.
Trade closed: target reached:
Actually we reached the target even before expected. Of course the new partnership with Google pushes EOS to an unexpected 0,00027. Obviously prices are now retracing inside uncertainty area. A period of low volatility or a while seems likely. It's better to wait for pricing to drop to 0,00023 to decide the new startegy based on market movement.