EOS failed to hold the shorter term Fibonacci channel support, so I had to look further back in time to establish a better idea of support and resistance here.
This is the drawback of attempting to analyze a coin like EOS. Historical data, already limited, is further skewed by the parabolic run of 2017/18
That said, EOS has completed a 79% retrace on the daily and still targets above 12,000 satoshi. On a shorter timeframe, another 62% retracement was completed while simultaneously moving into the .618 Fib time zone. I'm still quite bullish on EOS overall even though I'm not really a big fan of alt coins, nevermind one like EOS. That aside, the chart tells all, even if clues are hard to come by on a chart like this one.
I expect that barring a complete breakdown of the crypto market, EOS will continue to push for the 127% extension on both time frames.
This is not a terrible entry, you could wait to see if the retracement deepens a bit, as low as 7500 satoshi is technically possible.
This is the drawback of attempting to analyze a coin like EOS. Historical data, already limited, is further skewed by the parabolic run of 2017/18
That said, EOS has completed a 79% retrace on the daily and still targets above 12,000 satoshi. On a shorter timeframe, another 62% retracement was completed while simultaneously moving into the .618 Fib time zone. I'm still quite bullish on EOS overall even though I'm not really a big fan of alt coins, nevermind one like EOS. That aside, the chart tells all, even if clues are hard to come by on a chart like this one.
I expect that barring a complete breakdown of the crypto market, EOS will continue to push for the 127% extension on both time frames.
This is not a terrible entry, you could wait to see if the retracement deepens a bit, as low as 7500 satoshi is technically possible.
