This is an updated analysis on EOS, EOSBTC.
Analyses
- After a retracement of more than 50% till around the 13850 satoshis level, EOSBTC has managed to recover quite nicely.
- Then EOSBTC has bounced nicely and has even managed to break a key resistance level at around 17000 satoshis. But that was just for a brief moment cause then it fell back under this level fairly quickly again.
- If BTC move lower and dumps under 7000, then EOSBTC will likely go down with it but since the mainnet is set to launch in a couple of days, the retracement will likely be not as severe as the BTC/the overall market drop so a retracement of 38.2% to 50% is more likely than a 61.8%.
EOSBTC can fall deeper obviously and reach the lower (blue) trendline, which is around the .618 fib. retracement level of the then set 1st wave in white.
- If this retracement is done, EOSBTC has made a higher low and breaks the 17000 satoshis level again, then we're at the start of a wave 3 and also made an inverse head & shoulders pattern so watch out for that as well.
- If BTC doesn't "crash" or move lower, then EOSBTC will have enough news/catalyst and support from the community to move higher from here and we're not done with wave the 1st wave yet. We'll then have to reevaluate the situation and if necessary change count.
So there you have it, a brief update and outlook for EOSBTC. Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Analyses
- After a retracement of more than 50% till around the 13850 satoshis level, EOSBTC has managed to recover quite nicely.
- Then EOSBTC has bounced nicely and has even managed to break a key resistance level at around 17000 satoshis. But that was just for a brief moment cause then it fell back under this level fairly quickly again.
- If BTC move lower and dumps under 7000, then EOSBTC will likely go down with it but since the mainnet is set to launch in a couple of days, the retracement will likely be not as severe as the BTC/the overall market drop so a retracement of 38.2% to 50% is more likely than a 61.8%.
EOSBTC can fall deeper obviously and reach the lower (blue) trendline, which is around the .618 fib. retracement level of the then set 1st wave in white.
- If this retracement is done, EOSBTC has made a higher low and breaks the 17000 satoshis level again, then we're at the start of a wave 3 and also made an inverse head & shoulders pattern so watch out for that as well.
- If BTC doesn't "crash" or move lower, then EOSBTC will have enough news/catalyst and support from the community to move higher from here and we're not done with wave the 1st wave yet. We'll then have to reevaluate the situation and if necessary change count.
So there you have it, a brief update and outlook for EOSBTC. Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
