EOS still has 2 paths to take...
EOS is still deciding which path to take. As with bitcoin, there are mixed signals and suggesting a bullish or bearish scenario. I pointed out 2 possible paths for EOS yesterday...and these remain in play today.
The bullish path has an ABC correction complete, with a larger wave 1 underway. I've got the primary waves highlighted in blue, with the sub-waves in orange. The target for primary wave 1 is $19.58. Here's how it may play out:
Zooming in, you can see the sub-waves. It looks as though sub-wave 2 is nearly complete, with sub-wave 3 currently underway. The target for sub-wave 3 is $16.70. I based that on a target between the 1.0 and 1.618 fibonacci level. Wave 3 is typically the strongest wave. This is especially true in an uptrend with EOS. Due to this, I targeted higher than the typical 1.0 fib level, but lower than the 1.618 as volume is still relatively weak for a third wave. That said, if this scenario is correct, wave 3 is just beginning. We could get a surge in volume at any point. It may play out like this:
Now for the bearish possibility.
This could be counted as 5 prior waves down being complete, with an ABC upward correction. That is then followed by the start of another 5 waves down. If this scenario is valid, wave 2 may be complete, with wave 3 just beginning. This wave's target would be approximately $12.23.
It could play out like this:
The 1 hour RSI, as well as the 4 hour RSI has an ascending support line that's formed. These need to hold for the bullish scenario to be validated.
The 4 hour MACD has crossed over to the bullish side and seems to be ticking up. It's looking rather bullish.
EOS is going to be an interesting coin to watch this month. With the main-net launch on June 1st, as well as a few airdrops scheduled before and after that time, it may break off from it's tie to bitcoin. This is uncharted territory. Many people buy the rumor and sell the news. I'll be interested to see if that's the case with EOS. Let's see how the market reacts.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.
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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.
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Exactly that's the goal, excited to see if that will happen soon after the launch, but likely the road will be quite bumpy and a bit exhausting...
It's certainly going to be interesting. The fact that there's so many airdrops scheduled around the main-net launch, I wonder if people will "sell the news" or hold on to receive the tokens.
We dropped hard in concert with breakdown in bitcoin this morning. EOS has broken the $13 threshold, doesn't look good for hodlers now, have to extend the horizon and get beyond the mainnet launch for any likelihood of new ATH's.