I believe that we have only seen waves A and B on EOS so far, and therefore the correction is not over yet.
My target range for C is anywhere between the 50% and 61.8% Fibonacci retracement levels (see chart).
If we get a really bullish end to the correction, we might only get down to the 0.5 level, but if the correction is more regular, we will get down to 0.618 - if not for more than a wick.
I will update this post with a more specific target, once we have more data.
My target range for C is anywhere between the 50% and 61.8% Fibonacci retracement levels (see chart).
If we get a really bullish end to the correction, we might only get down to the 0.5 level, but if the correction is more regular, we will get down to 0.618 - if not for more than a wick.
I will update this post with a more specific target, once we have more data.
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If EOS should surpass 0.002 satoshis, then this analysis gets invalidated.
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EOS already dipped into my target zone, however, I don't think that we are quite done yet.
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At the moment it looks like EOS finished the correction.
Volume is returning, we touched the 50% Fib which is holding so far, MACD and RSI are slowly turning to the upside.
Having said that, BTC might not be quite done with dumping yet, and that could further affect EOS, as well as all other coins. So we have to be extra careful in this time.
If you're a long term hodler, then clearly all of this doesn't affect you.
Volume is returning, we touched the 50% Fib which is holding so far, MACD and RSI are slowly turning to the upside.
Having said that, BTC might not be quite done with dumping yet, and that could further affect EOS, as well as all other coins. So we have to be extra careful in this time.
If you're a long term hodler, then clearly all of this doesn't affect you.
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EOS is still holding the 50% Fib-level, despite BTC tanking, which is a strong sign for me, that it's own correction is over.
It is just hindered of taking off by old grandpa Bitcoin.
It is just hindered of taking off by old grandpa Bitcoin.
Trade closed: target reached:
EOS dumped perfectly into the lowest end of my target zone.
I think we might have one last leg down, but it's also possible that the correction is done already. We will see soon.
I think we might have one last leg down, but it's also possible that the correction is done already. We will see soon.
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At the moment it looks like we're gonna fall back to the 61.8% retracement level, but hopefully will not drop lower.
As always, it also depends on what the hell Bitcoin is doing.
As always, it also depends on what the hell Bitcoin is doing.
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Bad news, guys: I made a complete re-count of the rally since March, and I believe that we have only finished wave 1 of the larger wave 3 (as opposed to finished 3 of 3 already, what I have believed so far.)
Take a look:
Why is this bad news?
Because if this count is correct, it means that we are probably still in wave A of a large ABC correction of the whole wave structure, altough that is nearly finished.
Next would be a small rally (wave B), and then down we go again (wave C).
Take a look:
Why is this bad news?
Because if this count is correct, it means that we are probably still in wave A of a large ABC correction of the whole wave structure, altough that is nearly finished.
Next would be a small rally (wave B), and then down we go again (wave C).
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So what are new targets?
Target for wave A is probably 147k satoshi, then wave B will likely take us to the 23.8 Fib-level, and finally wave C down to the 61.8 Fib-level.
Or it's also possible that I'm completely wrong, of course :)
Target for wave A is probably 147k satoshi, then wave B will likely take us to the 23.8 Fib-level, and finally wave C down to the 61.8 Fib-level.
Or it's also possible that I'm completely wrong, of course :)
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If EOS takes out the previous low of 0.00152, that would confirm that the correction is indeed still ongoing - and my lastest view of things (see above) becomes more likely.