Last week, I made a prediction that EOS and ETH would lead the next market push up. I decided to do a chart on EOSBTC because it looked a lot stronger to me. We were accumulating in the 8300 range for quite a while. Volume was slowly increasing along with price. However, we dipped down below that level briefly to around 0.0008000. However, we quickly bounced back up ABOVE the drop off point. This bounce point also happened to be on the convergence of two long-term uptrend lines. These are very bullish signs, and offers a great setup for a long trade. RSI is looks like it's about to curve bullish as well, and Volume is picking up more. BTCUSD is also looking neutral to bullish.
This next push should create the right shoulder of a giant head and shoulders pattern. I think it will continue the macro uptrend from there. I think this is a decently safe trade with a clear stop loss if we close below the two uptrend lines (around 8000)
BUY:
8000-8400
SELL:
10000 Immediate target
14000 (potential head and shoulders resistance)
17200 Previous top resistance
24000+ Long-term
STOP LOSS:
Close below 8000
This is not financial advice, nor am I a qualified financial advisor. This is a potential trade that I'm seeing and am curious whether or not it plays out.
-Victor Cobra
This next push should create the right shoulder of a giant head and shoulders pattern. I think it will continue the macro uptrend from there. I think this is a decently safe trade with a clear stop loss if we close below the two uptrend lines (around 8000)
BUY:
8000-8400
SELL:
10000 Immediate target
14000 (potential head and shoulders resistance)
17200 Previous top resistance
24000+ Long-term
STOP LOSS:
Close below 8000
This is not financial advice, nor am I a qualified financial advisor. This is a potential trade that I'm seeing and am curious whether or not it plays out.
-Victor Cobra
Comment:
Sorry my red squiggly line is a little off, but you get the idea.
Comment:
Trying to break up a bit out of this accumulation range.
Comment:
Looks like ETH is breaking out too! Next targets for EOS are 9000 and 10000.
Comment:
So ETH and EOS rose a little bit, but they are not leading the market as I had predicted. That market leading power still lies in the hands of XRP and XLM. I didn't have a position in either EOS or ETH, so this chart is purely out of curiosity. However, it is clear that EOS is due to pop soon.
Comment:
POP! THAR SHE BLOWS
Comment:
Looks like it's just gonna continue going sideways along support. Ascending broadening wedge about to break down with a target of 8300 (accumulation zone - SURPRISE!) This sideways action is starting to seem too predictable...a lot of alts are behaving similarly. Pretty clear bottoming behavior.
However, if it breaks up, we will try to finally target 9000 and higher.
However, if it breaks up, we will try to finally target 9000 and higher.
Comment:
On its way to my short term target. Ascending broadening wedge officially broke down. Remember, if 8000 doesn't convincingly hold, this bullish view will be invalidated. However, we can still wick below it. This happens often in crypto (big stop hunts). This is why I don't use a stop loss.
Comment:
Hit the target. Now is a good time for a bounce, or it could head to the lower support at 8200 (which really isn't that big of a drop either). Supports are so obvious on this coin that it's a pretty simple trade to make. You can use a stop loss below 8000, but in crypto, stop hunts are pretty common.
Comment:
Still beautifully riding along support and bounced in the 8300 area, as I said it probably would. This may ride along support for a while yet, until the market gets moving.
Comment:
Surprise breakdown! A lot of money is leaving alts at the moment. Either a capitulation move (people getting frustrated with the sideways market), manipulation, or people just flocking towards currency coins like XRP and XLM (which won't suffer as much as some of these coins that operate on business ecosystems in the event of an economic downturn). EOS has fallen through 8300 and 8200, and is now BELOW the uptrend line. I would not be buying until it gets back above convincingly.
Comment:
8000 needs to continue to hold in the short term, if we're to see a bounce back up.
Comment:
8000 broke and EOS is officially bearish, in the mid-term. The next support is a ways down in the 5000 area if we don't bounce back quickly soon. Either this is a shakeout, or this is THE final capitulation the market needs to finally come back.
Comment:
Making a significant attempt to get back above that blue trendline. if it closes above, this was likely a giant stop hunt, which is why I don't recommend using a stop loss in crypto, especially if you're a hodler.
Comment:
Making a significant attempt here! If it closes back above this blue line, this will increase the likelihood that this drop was a giant stop hunt.
Comment:
So far, we've failed to hold the uptrend. We need to bounce back up soon, or at the very least, horizontal support at 7600 needs to continue to hold.
Comment:
EOS is actually holding very well in BTC value during this bloodbath. We've already rebounded to the 8300 previous accumulation zone. We are still not back up above the uptrend line though. Will need more juice to get there.
Comment:
Looks like EOS is indeed breaking bearish, just like the rest of the market. A drop below 7600 indicates a large amount of downside towards the next major support in the 5300-5400 area. Be careful. The market looks like it wants to make at least one more drop. This drop has the potential to be the final capitulation before the formation of a long term bottom.
Comment:
As I figured, once 7600 broke the second time, we have entered free fall. Next target should be the 5400 support.
Comment:
We need to see a bounce back up with volume above 8000 at the last to change my bearish bias.
Comment:
Update:
