I have seen people posting articles or charts of EOS in a falling wedge. They believe they have just witnessed a breakout and a potential wave 1 - after a 4 month a,b,c correction - and they see EOS going on another bullish run.
This post is to contradict this bullish analysis...
Firstly, I too initially had the same idea EOS was in another downward wedge, (and the above may also play out) but now I am more inclined to draw EOS in a downward channel. Check out the real wedge seen on the wave 3 in the chart, in comparison to the slope in this recent a,b,c correction - they appear quite different. So if we're in a downward channel that EOS has yet to brake, then I see some more downward momentum. Especially as EOS was also rejected just the other day.
Next is the RSI - Although EOS was oversold prior to the last minor pump, I see EOS revisiting the 27% support line again to close out the a,b,c correction.
Next is history - I bought ESO during the first week of the ICO. I recall it's first pump on Bitfinex before it plummeted into a long drawn out downward trend. I see EOS repeating this pattern and like most alt coins, retracing to the 0.88 fibonacci line.
And finally is Bitcoin - I would love to see Bitcoin hold the $6k resistance line. But I wish for and what is more likely are different stories. And as Bitcoin leads the entire crypto market, it will pull all alt coins down with it once the $6k line fails.
Therefore, I am calling for further bearish sentiment in the market and placing the bottom around the $3 USD mark.
This post is to contradict this bullish analysis...
Firstly, I too initially had the same idea EOS was in another downward wedge, (and the above may also play out) but now I am more inclined to draw EOS in a downward channel. Check out the real wedge seen on the wave 3 in the chart, in comparison to the slope in this recent a,b,c correction - they appear quite different. So if we're in a downward channel that EOS has yet to brake, then I see some more downward momentum. Especially as EOS was also rejected just the other day.
Next is the RSI - Although EOS was oversold prior to the last minor pump, I see EOS revisiting the 27% support line again to close out the a,b,c correction.
Next is history - I bought ESO during the first week of the ICO. I recall it's first pump on Bitfinex before it plummeted into a long drawn out downward trend. I see EOS repeating this pattern and like most alt coins, retracing to the 0.88 fibonacci line.
And finally is Bitcoin - I would love to see Bitcoin hold the $6k resistance line. But I wish for and what is more likely are different stories. And as Bitcoin leads the entire crypto market, it will pull all alt coins down with it once the $6k line fails.
Therefore, I am calling for further bearish sentiment in the market and placing the bottom around the $3 USD mark.
註釋
If $4.72 cannot hold the neckline, this drop should surpass my original prediction (although it was just a range) to $2.69.
交易結束：目標達成
Hi all,Although my target has been reached after many bullish comments from others, you may think I am now going to say it is up from here. Sure, we will see a little bounce, but I don't see this as a bottom.
Why? The volume didn't enter to demonstrate a capitulation candle.
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