EOS and the entire crypto market has been going through a much needed, and anticipated retracement.
Currently I see multiple coins forming a very similar formation after bouncing from their respective support lines.
In this case EOS found support near the $3.50 - $4.00 in which I am calling the bottom of the 2 to begin wave 3 into the $16.00 zone (this is the bullish case)
The bearish case is that we are still in B wave correction still heading near the $8.50 - $9.00 mark but with a smack back down from that point to lower than $3.00
The chart above shows a more zoomed in picture of what is currently happening.
I don't want to see the price drop below the $5.5 price point, it should be maintaining volume, bullish support, and rip through the top resistance line to continue the leg up.
**Disclaimer - not financial advice, please trade with caution and DYOR.
Any insight is very much appreciated.
Currently I see multiple coins forming a very similar formation after bouncing from their respective support lines.
In this case EOS found support near the $3.50 - $4.00 in which I am calling the bottom of the 2 to begin wave 3 into the $16.00 zone (this is the bullish case)
The bearish case is that we are still in B wave correction still heading near the $8.50 - $9.00 mark but with a smack back down from that point to lower than $3.00
I don't want to see the price drop below the $5.5 price point, it should be maintaining volume, bullish support, and rip through the top resistance line to continue the leg up.
**Disclaimer - not financial advice, please trade with caution and DYOR.
Any insight is very much appreciated.