So let's look at this cup:
1. Starting in July 2017, EOS lost 93% of is value against bitcoin in a slow, steady move that took three months to reach trough
2. For the most part of that selloff, EOS's sell was relatively low
3. At its trough in mid October 2017, EOS displayed unusually high buying , reversing its downward progression
4. In the weeks after its trough, EOS has experienced very supportive throughout its steady march up
Now, what's the reward?
1. EOS is roughly 2/3 of the way to fully completing the cup
2. As with most cup (and handle) formations, such as that experienced in the aforementioned XLM thesis, you can size the magnitude of the upside by the depth of the cup
3. THEREFORE, when we look at the completion of the cup and the invariable momentum that's associated w/ breaking ATHs, it's very very plausible that EOS sees nearly a 5x return from current levels
Ladies and gentlemen, this is the beauty of weekly charts. Sometimes you need to take a step back from the daily moodswings of the market and look at the groundswells of weekly price moves. In this case, we are able to see a most obvious upside for EOS. Though you may have scoffed at this thesis a few weeks ago, in the current market environment, we are seeing major price action in large cap tokens. After each of these tokens swell, investors pile into other large tokens. A 5x on EOS is not implausible. In fact, I would say that it is almost likely.
This is one of my highest conviction ideas right now. Buy EOS.
Three points about about EOS right now: First, I think it has performed admirably despite the market's volatility, which is a good sign. I think it has a strong bid supporting it. Second, overall market sentiment is bearish, leading to early profit taking in EOS and the current re-accumulation/consolidation. Third, the effect of CoinMarketCap's decision to exclude Bithumb's price from it's average price (and return) calculations is still unknown. If I had to take a guess, CMC's exclusion of Bithumb from their price calculations may be significantly damping the signals that have driven the momentum of these large cap price pumps in the past month. I hope this is not the circumstance, and I think this would be an interesting area of research.
Hope that helps for now! Stay tuned to my profile to get an alert when I update my ideas.