I am entering EOS here. We appear to be in an ascending triangle. We haven't yet closed a candle above that horizontal resistance and this momentary dip appears to be getting bought up rather quickly. We bounced off of triangle support and EOS has plenty of catalysts in the coming weeks so I am comfortable holding this coin. I am setting a stop-loss on breaking of support.
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E59192234
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Last call for EOS. I think it's going to pop off soon.
ANY EOS analysis HAS to take the impending Mainnet launch into account. Huge price fluctuations are going to occur in less than one week from now and I think we all know they are not going to respect any current resistance or support.
E59192234
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@BCryptological, I don’t think that’s true at all. Just last night it bounced off of a resistance I had drawn. Yes, catalysts in crypto can blow by support and resistance but to say it’s not going to respect ANY support or resistance I think is completely wrong.
BCryptological
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@E59192234, Up until May 30th (tomorrow) or so I'm completely with you. But the factors at play after that are just too big to ignore.
With Mainnet launch, the genesis EOS blockchain creation and numerous airdrops, I don't see support/resistance counting for much for a short time. How many people bought in only for the airdrops? There will likely be an immediate sell off by quite a few people once those are complete.
@BCryptological, Please have a look at that chart. Yes, price can move past support and resistance due to unexpected events and FUD etc., but in general the price will still respect established support and resistance, if only for a short time before bouncing back through. I do understand what you're saying though. In this space FA comes first and TA comes second.
BCryptological
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@E59192234, You talk about "price can move past support and resistance due to unexpected events and FUD", but there is nothing unexpected about the genesis EOS blockchain being created today... it's been scheduled for over a year and the huge price moves which I suggested (and which are happening) were entirely expected. We're up 23% in just the last 18 hours!
As I said, "Huge price fluctuations are going to occur in less than one week from now and I think we all know they are not going to respect any current resistance or support."
E59192234
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@BCryptological, Even hard pumps will find a resistance and get rejected when it slows down. This chart I posted was bullish, so I'm not sure what you're contending here. Either way, I appreciate you taking the time to comment and give your opinion! I'm glad this trade worked out for both of us.
BCryptological
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@E59192234, It was just because you wrote an analysis labelled as "LONG" exactly one week before the most scheduled, predictable and important event... a time when any previous support or resistance line were clearly about to be discarded because the supply and liquidity of EOS has just completely changed. Of course we will soon find new resistance and support, that I never disputed. And yes, it's a pleasure to trade opinions with you :)
E59192234
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@BCryptological, This pattern was on a pretty low timeframe and was more meant as a short term trade. Also, EOS wasn’t pumping leading up to Mainnet then and also Longs on BFX were reachhing all time levels. It was actually a perfect FA setup for a dump. Most coins dump on mainnet. This EOS pump seems to be an outlier. I do not think it was all that predictable.