Possible short-term CnH and big scale HnS forming
Hello Lads and Ladies,
EOS seems to be a quite interesting and complicated child. As we see the chart right now we have two major possibilities.
The first one (green lines) is a soon following breakout after a big tilted Cup and Handle formation (CnH), respected by the downtrend and also taking the fibonacci retracement of 61.8% in consideration, where the previous fibonacci lines were respected. This retracement is still happening and would arrive at the support line (61.8% fibs) at 0.00129346. This would happen in the week before the end of the EOS ICO and launch of the EOS main net. These news and events will eventually bring big volume into EOS where it could possibly break the downtrend resistance line and break out. In this case the first target would be allocated around 0.00196743 (23.6% fibs), retrace towards 0.00170984 (50% fibs) from there sticking to possibility 1 it would have a second push heading over the previous high of 0.00238380. Regardless, it could not see the second push and respect possibility 2 and head strongly south to complete the head formation.
NEVERTHELESS, if the end of the ICO and main net launch does NOT push the price, possibility 2 will be more likely to happen so we would see a big scale Head and Shoulders formation (HnS). In this case we would be heading south towards 0.00082500 to complete the head, from there the main direction would be back to the top of the channel around 0.00196743 (23.6% fibs) to complete the right shoulder.
Short and long term - WATCH IT CLOSELY. If support breaks and the news do NOT push it hard, then a good entry point would be at the bottom of the head formation. Otherwise the first good entry point is before the breakout and main net launch.
Cheers, Tomas
shoutout to Sensei Kevlar for previous discussion
EOS seems to be a quite interesting and complicated child. As we see the chart right now we have two major possibilities.
The first one (green lines) is a soon following breakout after a big tilted Cup and Handle formation (CnH), respected by the downtrend and also taking the fibonacci retracement of 61.8% in consideration, where the previous fibonacci lines were respected. This retracement is still happening and would arrive at the support line (61.8% fibs) at 0.00129346. This would happen in the week before the end of the EOS ICO and launch of the EOS main net. These news and events will eventually bring big volume into EOS where it could possibly break the downtrend resistance line and break out. In this case the first target would be allocated around 0.00196743 (23.6% fibs), retrace towards 0.00170984 (50% fibs) from there sticking to possibility 1 it would have a second push heading over the previous high of 0.00238380. Regardless, it could not see the second push and respect possibility 2 and head strongly south to complete the head formation.
NEVERTHELESS, if the end of the ICO and main net launch does NOT push the price, possibility 2 will be more likely to happen so we would see a big scale Head and Shoulders formation (HnS). In this case we would be heading south towards 0.00082500 to complete the head, from there the main direction would be back to the top of the channel around 0.00196743 (23.6% fibs) to complete the right shoulder.
Short and long term - WATCH IT CLOSELY. If support breaks and the news do NOT push it hard, then a good entry point would be at the bottom of the head formation. Otherwise the first good entry point is before the breakout and main net launch.
Cheers, Tomas
shoutout to Sensei Kevlar for previous discussion
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