I'll Say It Again...EOS Is Extremely Bullish
Updated
I don't actually own any EOS at the present time, so I can generally be unbiased here. A lot of people hate this thing with a passion. People tend to hate things that few people seem to believe in, yet continue to do well. Power amassed by a small group creates envy and anger. The thing is, apparently a lot of people do believe in this project. EOS is one of the few newer altcoins to sustain much of its price appreciation from the 2017 blow-off. A lot of people are probably pissed that they missed out on the run from $0.50 to $20+ simply because they didn't like the project, as they watched the coins they love stagnate or drop to new lows. Anyway, my last EOS analysis had it dropping to test the 7500 support against Bitcoin (which it has done). I went back on that call initially, but it actually ended up playing out. I suppose I could've also used it to forecast the massive altcoin selloff against Bitcoin. Oh well.
My first EOS analysis had it doing better against Bitcoin in the mid-term, but this didn't happen. I did manage to call the exact bottom after it broke down, however. Links to those posts are at bottom. Bitcoin has still outperformed many top cryptos of late. For this reason, I'm using the USD charts a lot more often.
In any case, EOS could be painting a long term bullish channel. The top of this channel is currently above $30, but during the last bull cycle, it actually popped above it. If this happened again, we could see $50-60 EOS in the not so distant future. Even $75-100 is possible (not enough room on this graph). That's IF we're about to see a major crypto-wide bull run. The first step would be for EOS to break the next diagonal resistance (around $9.50). We're pretty close right now. Otherwise, if the market experiences a failure, it could head down to the bottom of the ascending channel.
This is for speculative purposes only and is not financial advice.
-Victor Cobra
My first EOS analysis had it doing better against Bitcoin in the mid-term, but this didn't happen. I did manage to call the exact bottom after it broke down, however. Links to those posts are at bottom. Bitcoin has still outperformed many top cryptos of late. For this reason, I'm using the USD charts a lot more often.
In any case, EOS could be painting a long term bullish channel. The top of this channel is currently above $30, but during the last bull cycle, it actually popped above it. If this happened again, we could see $50-60 EOS in the not so distant future. Even $75-100 is possible (not enough room on this graph). That's IF we're about to see a major crypto-wide bull run. The first step would be for EOS to break the next diagonal resistance (around $9.50). We're pretty close right now. Otherwise, if the market experiences a failure, it could head down to the bottom of the ascending channel.
This is for speculative purposes only and is not financial advice.
-Victor Cobra
Note
It looks like EOS (for now) will need to consolidate in its current channel. As mentioned above, a move beyond the $9.50 area and channel resistance could send EOS to a new all-time-high fairly quickly.
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