EOS has had an absolutely incredible run over the last year. Whether or not it will supplant Ethereum as the preferred smart contract platform for developers remains to be seen, but the market is certainly excited.
Over the last month EOS had a 300% return:
So now it's time to cool the jets a bit before then next round of buying.
As you can see from the chart, I've taken the price action from the first half, of the first run. This retraces nicely to the 50% fib, and this is where we should look to take a long position. Using the fib retrace tool, a projected target of ~$35 is reasonable.
Trade active
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I'm marking this trade as active. I purchased at the original accumulation targets of ~50%. But as I said above, you can still make a safe trade once we clear the 50MA and retest it for support.
Trade active
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I again put my update in the comments (derp...such bad UX!)
It took a little longer than expected, but we hit our 50% retrace target. In fact it spilled over a little to the 61.8 territory. However, that is a perfect correction before an explosive move upwards.
I believe we have now broken out of the descending wedge and there are daily buy signals on the CCI. If you want to play things safe, you can wait until we are above both the 20EMA and 50MA. If you do wait however, be sure to try and buy the pullback, which often occurs as a retest for support.
50% retrace worked on the money, now next target $35. It will be interesting to see if there's a partial run up to launch, a sell off of some unknown dimension, and pause before finishing the run to your target. Do you see it running up like it did last time in a continuous impulse? I expect next target to be in July, first half.
I believe we will see similar impulse, however it may happen a little more rapidly because the market already knows how high EOS can run. As I said in my update, you can play it safe and buy a pullback once we are above the MAs. I already bought at 50% and 61.8%.
Lets see how this plays out!
darkandblue
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Sorry mate, i think we are going down to 8 first
crimsonronin
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@retiringsoon1, That is a possibility; often when you break the 50MA, you will test the 200MA for support. My EW isn't great, but we are either busting out of D now, or we will be rejected and complete the E down at ~8.
crimsonronin
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Hi all!
It took a little longer than expected, but we hit our 50% retrace target. In fact it spilled over a little to the 61.8 territory. However, that is a perfect correction before an explosive move upwards.
I believe we have now broken out of the descending wedge and there are daily buy signals on the CCI. If you want to play things safe, you can wait until we are above both the 20EMA and 50MA. If you do wait however, be sure to try and buy the pullback, which often occurs as a retest for support.