A picture means a thousand words
Chart #1 EOS/BTC | BITFINEX | 4H https://www.tradingview.com/x/oFLjWls6/
My previous analysis of EOS brought attention to chart formation A and B. I wanted to look at whether B will have a similar price action. Well as you can it did not and began the breakdown in price. Bearish TK cross occured in the 4H chart with prices falling below the Kumo cloud. The 4H chart definitely does not look pretty .
Is this a mere retracement or the beginning of a dump?
Chart #2 EOS/BTC | BITFINEX | 1D https://www.tradingview.com/x/WxigXQXQ/
Get in the habit of always looking at the BIG PICTURE. THE BIG TREND IS YOUR FRIEND. As you can see in the 1D chart (Chart #2), the price found support on the Kijun Sen (red) line which also happens to be .5 Fib retracement. When you look at the bigger picture, the chart is VERY bullish still with future Kumo clouds pointing to more upside. I am confident that the Kumo cloud will provide enough support to help EOS recover back to the upside.
The price may hit a few weak resistances along the way like 0.382 Fib retracement level (which happens coincide with red Kumo cloud on the 4H), but I see EOS recovering nicely.
Thank you always for reading.
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Legal Disclaimer: I am not a financial advisor. None of the words, charts, jokes, and expressions written in this blog post should be read or interpreted as any form of financial or investment advice. It is purely for an entertainment purpose only. This post is my thoughts and opinions. I can be wrong. I have been wrong and I will be wrong many times in the future. It's for your entertainment ONLY.
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