I am just playing around with Harmonics, still can't say I have any real idea if I am doing them right ;)
This one looks pretty good, EOS already completed one on it's previous correction, the EOS chart remains Bullish long term and is currently sitting right in the space I would expect it to turn back up against BTC if that Bullish trend is to continue.
It has also broken up from a descending triangles resistance line and retested same for support. Providing a new diaganol support to keep an eye on, this will become a stop loss if it is breached with any strength.
The target on this is the 1.168 fib, which is what the first ABCD harmonic pattern achieved on this chart, will put screen shots below.
This one looks pretty good, EOS already completed one on it's previous correction, the EOS chart remains Bullish long term and is currently sitting right in the space I would expect it to turn back up against BTC if that Bullish trend is to continue.
It has also broken up from a descending triangles resistance line and retested same for support. Providing a new diaganol support to keep an eye on, this will become a stop loss if it is breached with any strength.
The target on this is the 1.168 fib, which is what the first ABCD harmonic pattern achieved on this chart, will put screen shots below.
Comment:
Comment:
This chart stiill shows weekness in the sense that it is still putting in lower lows and lower highs, however the breakout came at a poor time for the whole market, this overall drop has set this trend back, allbeit just above it's former path.
This chart stiill shows weekness in the sense that it is still putting in lower lows and lower highs, however the breakout came at a poor time for the whole market, this overall drop has set this trend back, allbeit just above it's former path.
Comment:
Should clarify that dispite the recent lower highs and lower lows. The long term trend here has so far failed to put in a lower low since it's higher high/all time high, so it is one of the few crypto assets that isn't in a long term bear trend.