I often hear in the chat "omg what does EOS do" on some pumps - people often forget the overall picture. I want to share my simple chart that I made at the green horizontal line (check in the chat history) - took around 15mins. There never was real strength in this chart. Make up your own mind. McGinley Dynamic never really crossed EMA50 on the 4H. This will go down hard in my humble opinion.
I will not remove the annotations I made for the "chat" chart - they explain my thinking. But do I have to add something new? No - it just follows my expectations.
I am not trying to convince you or anything. The thing is... Weekend is coming and weekend usually goes counter trend and potentially reverse. If the price hold at key level 11.80-12.10 for the next few hours we may as well get a bull run. It's quite clear that the initial run pierced through that level, so it's possible that the mini pullback is retesting on the key support, just like how it broke down initially.
Since the main net is almost here. Money on the bullish side seems more logical than bearish.
Alex-al-Citadel
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@ChristopherPrunus, I accept your point of view. I agree that the weekend could be bullish or at least slow down the trend. But I think that the main net launch is already priced in. By the way - I do not expect a easy launch of the main net. I expect a lot of hacking pressure. But even if it goes up I think it will oscillate around my orange downtrend.
If the weekend makes McGinley cross EMA50 - what could happen - and stays there past Monday - I will rethink!
ChristopherPrunus
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@akabtc, The problem is that it passed key resistence retesting the support at the moment. Either direction is possible, but since it broke resistence and pulled back onto resistence/support, and it rose upward, it's very likely it will go UP. Just the probabilities.
Alex-al-Citadel
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@ChristopherPrunus, I totally get your point. Though I think it is a fake out. It looks too pumped. No round bottom - nothing supporting a real push. Again I could be wrong but to me it looks like a pathetic pump before a dump. Pump to get the weekend buyers. You are right that it broke resistance though.
ChristopherPrunus
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@akabtc, A break above 12.30 and a break down below 11.70 will be obvious. We will know soon enough after the grinding at this level. I have a strong bull bias, because EOS is fundamentally cheap at this level. A breakout trade should be very profitable in either direction though.
Alex-al-Citadel
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@ChristopherPrunus, I just can`t agree that it is cheap. I am a developer and the code on git is .. not appropriate for a project of this size and funding - and I could go on .. so my fundamentals differ from yours.
ChristopherPrunus
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@akabtc, The funding is for VC not for development. You know that right? Block.one made it clear that the development cost was already covered.
Alex-al-Citadel
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@ChristopherPrunus, what I want to say is that the code quality does not match the money that entered the project. Period. That is my point.
ChristopherPrunus
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@akabtc, Does the test net live up to the speed and scalability promise? Can the code be improved after the main net? Since you have inspected the coding, perhaps you can tell me.
Alex-al-Citadel
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@ChristopherPrunus, fun fact - unlike other projects there was no public testnet. So no - I can`t tell you. No public tests under full load - nothing. I am left with judging the code quality that was published. Not running a public testnet before the major launch is a bad decision in my eyes. I can`t even think of any other argument then to protect the price. Do you have one?
Since the main net is almost here. Money on the bullish side seems more logical than bearish.