EOSUSD has rallied rather significantly since BTC stopped dumping - however it's first leg down formed a clear impulse wave, which is consistent with an "A Wave" of an ABC corrective pattern.
Also, something that 15 days to go up, shouldn't finish correcting in 3 - so I have a strong suspicion that this rally is only a "B Wave" from the ABC pattern.
If I'm correct, then we'll likely see the price rise to as high as $21.50 USD before it begins it's next descent. Theoretically, the price could even break the previous ATH before falling again, so it'll be difficult to say that this is a true impulse wave till we're well above the previous high ($24+?) Obviously if you could have grabbed the bottom of the A wave, this would be a hugely profitable bounce to ride, and if you did great work! Volume is decent, hitting just slightly higher than the moving average, but it's not high enough (I think) to bust it out of a corrective cycle. This is likely people FOMOing and jumping in too early.
If this is a B wave, then where the end of Wave C is dependent on where B finishes, but I think it's reasonable to guess it's gonna land between $20.1 and $21.1. If that's the case, I think we'll be looking at a bottom of around $13.50 (fib ratios) to $15 (support zone).
Either way, this is gonna be a super interesting one to watch!
Also, something that 15 days to go up, shouldn't finish correcting in 3 - so I have a strong suspicion that this rally is only a "B Wave" from the ABC pattern.
If I'm correct, then we'll likely see the price rise to as high as $21.50 USD before it begins it's next descent. Theoretically, the price could even break the previous ATH before falling again, so it'll be difficult to say that this is a true impulse wave till we're well above the previous high ($24+?) Obviously if you could have grabbed the bottom of the A wave, this would be a hugely profitable bounce to ride, and if you did great work! Volume is decent, hitting just slightly higher than the moving average, but it's not high enough (I think) to bust it out of a corrective cycle. This is likely people FOMOing and jumping in too early.
If this is a B wave, then where the end of Wave C is dependent on where B finishes, but I think it's reasonable to guess it's gonna land between $20.1 and $21.1. If that's the case, I think we'll be looking at a bottom of around $13.50 (fib ratios) to $15 (support zone).
Either way, this is gonna be a super interesting one to watch!
Comment:
Looks like there was still a C wave coming, and it appears to have come and gone. The second retracement wasn't nearly as hard as the 1st - though it is possible that the retracement hasn't completed yet. We'll have to wait and see. Based on the 2 volume spikes I think this retracement has mostly run it's course - but we won't know until it moves!