EOS: A series of correct predictions - Weekly Price Prediction
EOS: A series of correct predictions - Weekly Price Prediction

By Roberto D. | Price Analysis | 19 Jan 2020


EOS: weekly market analysis (from 13 January to 19 January 2020 on BTC / EOS pair)

 

BTC / EOS bears return to control the market

For once we start from the 4H chart, because it is interesting to note how at some point it seemed almost that EOS could enter a parabolic trend, a hope that however broke on the wall of the 45000 satoshi; always from the 4H chart we note then the formation of a bearish divergence which is the reason why the bulls' push stopped after reaching the weekly maximum.

Looking also at the 1D graph, the feeling we get from it is that the most probable scenario sees a retracement in the 38000 satoshi area which, coincidentally, corresponds to the level represented by 38.2% of the fibonacci retracements; we can therefore expect the bears to resume the initiative until EOS touches this price range, from there, however, we can expect a rebound and, at that point, it will become essential to break the last maximum.

If this happens and if EOS manages to score a higher maximum it will mean that we are facing a markedly bullish trend, otherwise the price will return from where it started and we must check if the bulls will be able to defend the support in the 32700 satoshi area.

Weekly forecast

As mentioned, what I expect in the next few days is a retracement, however it is difficult to predict how fast this type of movement will be; that EOS is retracing is quite evident, what is difficult to understand is if there will be a first rebound in the 40000 satoshi zone (50% on the fibonacci retracement levels) or if once the support is broken in the 41169 satoshi zone (which has already given birth to a big rebound on January 16) the push of the bears will become more violent by sending the price directly to test the support at 38000 satoshi.

Anyone who has gone long and has not yet sold will have another window to do it in the 44000 satoshi area and my advice is to use it to take profit, all the others would do better to exercise a little patience and wait to see how they will evolve things, the risk of buying in the 38000 satoshi area and then seeing the price plummet to 32700 satoshi is far from negligible.

Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but has purely educational purposes.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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