EOS Ready to Break Out of Its Recent Slump?
As anyone who has tried their hand at trading altcoins knows, it is a risky game. I usually try to avoid trading altcoins for this very reason... but some analysis of EOS' recent price movement has me tempted to pull the trigger.
The month of June has been unkind to the coin. Looking at the second Enhanced Linear Regression Indicator, we can see that EOS price has been on a steady decline for the past 3 weeks and still is clocking in with a negative slope.
While this downtrend won't be looked at favorably by EOS diehards (lol), wise investors may see it as an opportunity to accumulate the coin while its price remains low. The Profit Z Chart shows the price has fallen below the lower bound of Z-Scores, indicating the relatively low current price.
The "K2" chart, which is based on a modified double CCI, shows the price is quickly approaching an oversold state. When the two blue area charts are under the red line and begin their upwards climb, we will know that we've reached an ideal entry point. Based on recent patterns, I think the optimal entry point will come in the next 48 hours when the price falls under the .000675 mark.
Finally, the current vortex gives another hint that a positive reversal is approaching. With a large difference between the positive(teal) and negative(pink) trendlines, we can expect the VI+ line to reverse its course and begin its upwards climb. If all goes as expected, we should see the teal line rise above the pink, resulting in a bullish signal and rapid positive trend movement.
Again, never been much of an altcoin fanatic, BUT this looks like a decent opportunity to enter a long position before EOS begins its recovery.
The month of June has been unkind to the coin. Looking at the second Enhanced Linear Regression Indicator, we can see that EOS price has been on a steady decline for the past 3 weeks and still is clocking in with a negative slope.
While this downtrend won't be looked at favorably by EOS diehards (lol), wise investors may see it as an opportunity to accumulate the coin while its price remains low. The Profit Z Chart shows the price has fallen below the lower bound of Z-Scores, indicating the relatively low current price.
The "K2" chart, which is based on a modified double CCI, shows the price is quickly approaching an oversold state. When the two blue area charts are under the red line and begin their upwards climb, we will know that we've reached an ideal entry point. Based on recent patterns, I think the optimal entry point will come in the next 48 hours when the price falls under the .000675 mark.
Finally, the current vortex gives another hint that a positive reversal is approaching. With a large difference between the positive(teal) and negative(pink) trendlines, we can expect the VI+ line to reverse its course and begin its upwards climb. If all goes as expected, we should see the teal line rise above the pink, resulting in a bullish signal and rapid positive trend movement.
Again, never been much of an altcoin fanatic, BUT this looks like a decent opportunity to enter a long position before EOS begins its recovery.
-Profit Programmers
www.profitprogrammer.com
www.profitprogrammer.com