Since I'm currently working on my TA-course for beginners, I completely missed out on the break of EOS.
But still, in this post I wanna show you, how important the break of technical & psychological levels is, and how clueless it leaves online news media -especially in Crypto-space. Just to give an example, News-BTC author Martin Young asks immediately: "What Caused EOS to Surge 30%, Flip Litecoin and Lead Today’s Crypto Rally?" and points towards some Telegram messages of co-founder Brendan Blumer. www.newsbtc.com/2019...todays-crypto-rally/
But let's have a look at the chart from a technical perspective:
In the case at hand, EOS breaks with decisive volume out of the equilibrium range of 2.2/2.3 and the 3 Dollars psychological to the upside, where we've been consolidating since December 17th.
From the 2. to 10. January we have tested massive resistance, couldn't break above, retraced back to the bottom range with 4 significant lows. Once the bears still couldn't break the range lower, we've ridden up again in the range to the top, always in correlation to the rest of the Crypto-Alts (esp. due to ETH/LTC-strength).
When we zoom into the hourly chart, we can clearly see the Bull-flag, grinding at the 3 Dollar psychological resistance. The market is showing us clearly: Yes, I know about that resistance, I have to gain power to break this zone.
Once the break occurs, we're shooting up similar to December 17th -until now with 25% profits. Exactly like last time, we could see the relative strength vs. grandpa Bitcoin coming since February 9th, when we broke out the equilibrium in the direct correlation EOS/BTC to the upside.
Conclusion: Of course, not just Cryptos, but any asset, rises & falls due to the fundamentals. But when it'll break & esp. where it'll break, Technical Analysis will always show us, and will put us in a more favorable position vs. the news media, which after every small fuzz has to look for reasons in their Telegram groups, for why the price is surging right now. => News Media is reactive, while Technical Analysis is proactive.
If you had some value from this analysis, make sure to give it a thumbs-up & comment, so that as many people as possible will see it. About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally in 2013.
But still, in this post I wanna show you, how important the break of technical & psychological levels is, and how clueless it leaves online news media -especially in Crypto-space. Just to give an example, News-BTC author Martin Young asks immediately: "What Caused EOS to Surge 30%, Flip Litecoin and Lead Today’s Crypto Rally?" and points towards some Telegram messages of co-founder Brendan Blumer. www.newsbtc.com/2019...todays-crypto-rally/
But let's have a look at the chart from a technical perspective:
In the case at hand, EOS breaks with decisive volume out of the equilibrium range of 2.2/2.3 and the 3 Dollars psychological to the upside, where we've been consolidating since December 17th.
From the 2. to 10. January we have tested massive resistance, couldn't break above, retraced back to the bottom range with 4 significant lows. Once the bears still couldn't break the range lower, we've ridden up again in the range to the top, always in correlation to the rest of the Crypto-Alts (esp. due to ETH/LTC-strength).
When we zoom into the hourly chart, we can clearly see the Bull-flag, grinding at the 3 Dollar psychological resistance. The market is showing us clearly: Yes, I know about that resistance, I have to gain power to break this zone.
Once the break occurs, we're shooting up similar to December 17th -until now with 25% profits. Exactly like last time, we could see the relative strength vs. grandpa Bitcoin coming since February 9th, when we broke out the equilibrium in the direct correlation EOS/BTC to the upside.
Conclusion: Of course, not just Cryptos, but any asset, rises & falls due to the fundamentals. But when it'll break & esp. where it'll break, Technical Analysis will always show us, and will put us in a more favorable position vs. the news media, which after every small fuzz has to look for reasons in their Telegram groups, for why the price is surging right now. => News Media is reactive, while Technical Analysis is proactive.
If you had some value from this analysis, make sure to give it a thumbs-up & comment, so that as many people as possible will see it. About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally in 2013.
