Hi all, getting straight into it.
Of late, EOS has seen a nice retracement back to the 50% fibonacci level, coinciding with the 50MA, bouncing straight off it, and retesting the 78% fib.
Projections,
Expecting EOS to see another retracement to the 50MA. This would be generally healthy for EOS as it seems to be hugging the 50MA more closely. With the crazy run-up like the one we saw in April, its unsustainable to only keep charging upward with no foundation of support levels. My mid term expectation is for EOS to form a double topping pattern and start descending back down.
The ideal scenario would have been to go long at 0.0014 (or the 50% fib level). However, at this point in time, there is a sub-optimum risk-reward ratio. Another thing to note is that volume seems to be descending, and this may have just been an exit pump. So.... bulls err on the side of caution :)
*not financial advice :)*
Of late, EOS has seen a nice retracement back to the 50% fibonacci level, coinciding with the 50MA, bouncing straight off it, and retesting the 78% fib.
Projections,
Expecting EOS to see another retracement to the 50MA. This would be generally healthy for EOS as it seems to be hugging the 50MA more closely. With the crazy run-up like the one we saw in April, its unsustainable to only keep charging upward with no foundation of support levels. My mid term expectation is for EOS to form a double topping pattern and start descending back down.
The ideal scenario would have been to go long at 0.0014 (or the 50% fib level). However, at this point in time, there is a sub-optimum risk-reward ratio. Another thing to note is that volume seems to be descending, and this may have just been an exit pump. So.... bulls err on the side of caution :)
*not financial advice :)*