Today we are looking into EOSBTC again. Rumours are rising that it will hit at least $100 by the end of the year and I personally looked very deeply into it and actually see the POTENTIAL.
Looking at the chart I am using the same one and added one more ascending support line. The funny thing is that I am taking away my work from me because I was already seeing this coming. You might be asking how?
It is actually very simple when you are a little used to the charts. Take a look at the two yellow fields, basically repeating exactly the same pattern. The left one, crossed the 23.6% fibs line and almost touched the green ascending support line, had a straight line up again and took off in forming a nice parabola. ALMOST the same happened on the right yellow field too BUT the slight differences made me worry already at the small spike up. The chart did not touch the 61.8% fibs line and also did not come that close to the ascending , that is why I said, it has to go down a little more, otherwise this wont end that well, but as you see that did not happen and the spike came way too early. In addition to that, the EOSBTC just moved sideways, did not take any certain direction and was not able to decide, what almost had to follow by a crash and it happened.
The crucial point here was why we saw the huge -25% that it wasted too much time on deciding and when it crashed the ascending trundling and the 61.8% fibs crossed, so we had only ONE support at that moment and since the market pushed it even further down, it had to come down to the 50% fibs line as I actually already had indicated in my initial TA, look it up! Right now we are seeing a little pullback again, since not every coin, hit their support. EOSBTC still can come down to the 50% fibs line and if we see bigger market pullback again, then it will go down to the today added red ascending line right below it. I personally believe that we saw the biggest pullback already and right now we have small shaking again, small pieces left towards the crucial supports of the coins and after that everything should be fine. So no need to panic and there is definitely not need to sell off or do some other shenanigans, really great prices right now and I am definitely adding more EOS to my long term hold and mid scale swing trade coins.
One more thing to my strategy and my personal trading. I am preferably trading coins with a high market cap and high trading on the exchanges. Definitely not getting into some scam coins that you can get 20% in one hour or get 50% wrecked in ten minutes. Therefore I right now BTC , EOS, (look for buying around 2400), TRX (great entry around 650), LTC and PCN for longterm, have it staking and literally laughing how you see especially on the low market cap coins, the importance of a great team and a really legit project and community (market goes down 20%, PCN "nah, I'm good with 1 satoshi down") (PCN entry is good below 15 satoshi and get at least 1m for a master node after the swap to DAPS).
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I thought it helpful to point out that for a TA expert... Your Fibonacci is backwards... 0% goes at the top..100% at the bottom..
I really wouldn't be adding to an EOS position right now.. If you are.. at least hedge yourself by opening a small short on bitmex.
(EOS is vaporware and wont be going to 100$ by the end of the year - mainly because that's mathematically impossible.)..