Fib Retracement/Elliott Wave Bounce off 0.618 on 4 Hour Graph
Updated
From what im seeing EOS has hit the prime bouncing area on the Fib Retracement Graph @ 0.618
Support on hand to keep EOS above $11.60
However, we know BTC holds the reigns and it has not reached the 0.618 level which it could potentially hit at around the $8000 mark.
If BTC hits $8000 i think that EOS will follow suite and head towards the $11.60 area.
If BTC however decides to bounce from its current position i believe that EOS has 2 target area's as shown.
Support on hand to keep EOS above $11.60
However, we know BTC holds the reigns and it has not reached the 0.618 level which it could potentially hit at around the $8000 mark.
If BTC hits $8000 i think that EOS will follow suite and head towards the $11.60 area.
If BTC however decides to bounce from its current position i believe that EOS has 2 target area's as shown.
Trade active
So it reached the first resistance as expected, it has now pulled back as stated by second arrow. Unfortunately BTC is not looking all too good. So im expecting this to at least hit if not break the support zone shown. BTC keeps to an expected $7800 low then we are in for that support level to hold. Keep you eye on close in 1 hour and 30 minutes. Showing serious bearish signs.
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