Hey guys, the EOS bulls saw a huge capitulation during the consolidation of grandpa Bitcoin, as we couldn't uphold the 8.3 resistance zone, and saw a sell out, reaching the same previous lows at $7.
=> This is the last line of defense for bull continuation. If we cannot uphold this region, where we have been trying for quite a few days to form a bottom, then the next support will be at around $6,5.
The EOS/BTC correlation underlines the bulls misery, as we have broken to Lower Lows on the Daily. If we cannot manage to uphold the 11 region, the next clear support comes in only at 0.001. => This means that in the case of bearish continuation in Bitcoin, EOS will do everything more leveraged.
All in all: Since EOS had broken to All-Time-Highs at $23, going up more than 500% since the March lows, it is still relatively stronger to almost all other names. We are still far away from the $3,8 lows, but, the bulls have to clearly show some strength now, otherwise a continued bear market in gandpa Bitcoin will almost certainly drag us back to those lows again.
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About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
=> This is the last line of defense for bull continuation. If we cannot uphold this region, where we have been trying for quite a few days to form a bottom, then the next support will be at around $6,5.
The EOS/BTC correlation underlines the bulls misery, as we have broken to Lower Lows on the Daily. If we cannot manage to uphold the 11 region, the next clear support comes in only at 0.001. => This means that in the case of bearish continuation in Bitcoin, EOS will do everything more leveraged.
All in all: Since EOS had broken to All-Time-Highs at $23, going up more than 500% since the March lows, it is still relatively stronger to almost all other names. We are still far away from the $3,8 lows, but, the bulls have to clearly show some strength now, otherwise a continued bear market in gandpa Bitcoin will almost certainly drag us back to those lows again.
If you find my analysis helpful, please like & subscribe, and watch my daily videos! ;)
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.