EOS may have another dip...then it's clear skies ahead!

I pointed out in my last EOS update the corrective pattern we were in. If you missed it, you can review it here: https://steemit.com/cryptocurrency/@workin2005/eos-drops-but-for-how-long

EOS has been following the path I outlined for the past 24 hours. I can see the correction finishing up 2 different ways. The first is a little more bearish ABC pattern. If this is true, it may drop to approximately $15.00 to complete wave C. It would look something like this:

Screen Shot 2018-05-03 at 10.50.06 AM.png

The second scenario acknowledges a symmetrical triangle that's formed, which could indicate an ABCDE corrective pattern. If this is true, we may see EOS finish correcting like this:

Screen Shot 2018-05-03 at 11.18.59 AM.png

While volume has dropped over the last few days, it's still relatively decent. This is a good sign. The 30 min MACD has been trending tighter and tighter over the last few days. This could indicate the correction is nearing an end.

Screen Shot 2018-05-03 at 11.52.46 AM.png

Looking at the 4 hour RSI, even with the drop, it's still showing an overall uptrend with consistent higher lows.

Screen Shot 2018-05-03 at 11.29.58 AM.png

Finally, we can see the 55 day EMA is still acting as support. The 8 day EMA has also returned on top of the 21 and 55 day. This is a sign of strength.

Screen Shot 2018-05-03 at 11.34.51 AM.png
If you're unfamiliar with how EMA's work, please review my post explaining how to use EMA's to predict trend changes here: https://steemit.com/cryptocurrency/@workin2005/simple-effective-strategy-to-buying-and-selling-market-trends

BIAS:

Short Term: Neutral
Longterm: Bullish

If you found this post informative, please:

I hope this has been helpful. If you enjoyed this article, please let me know by clicking the up-vote tab below. Also consider following me so you receive the latest updates. As always, if you resteem my post, leave me a comment and I’ll return the favor by resteeming one of yours. If you didn’t enjoy this article, let me know how I can improve to earn your vote in the future.

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.

If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. You can sign up here for free: https://www.binance.com/?ref=16878853