Hi, dear Traders!
Monfex is at your service and today we overview EOS/BTC.
EOS is moving towards the diamond support zone now. RSI has entered a recession phase in the oversold zone and by that time the price will just drop and you can expect an upward movement from the support zone to the first target.
$2 774 501 506 USD
$1 619 668 115...
First we need to identify possibilities of candle pattern 1-2-3 bottom formation. As we can see in history, this pattern failed many times, so be careful. Right now 1-2-3 bottom formation was created but not confirmed. Main resistance is on lvl 38500 sth, which is 38,2% Fib retracement of last main downtrend line and this value was respected on last local maximum...
I still believe this is an accumulation but might take 1 year more so I updated my previous idea, I believe we are going for a spring based on wyckoff accumulation. Altcoins on USD pair should see lower lows as well:
www.tradingview.com alot to say about this really, rsi bullish on most time intervals, all just starting emerge from what I call the neutral zone. Not too much resistance above.
Lets see if it plays out like this...will obviously be watching to see if things start to prove this wrong and will exit...