EOS: weekly market analysis (from 9 December to 15 December 2019 on a BTC / EOS pair)
Today we find ourselves on the same level as a week ago; the situation, therefore, as always happens in these situations, has become particularly complex to read and now trying to predict which direction the trend will take is a bit like tossing a coin. The feeling, but really it's just a feeling, is that EOS could suffer a big dump at any moment, but the only smart thing to do is stay out of the market and wait patiently for the trend to take a clear direction . Having said that, let's try to look at the graphics anyway and try to orient ourselves as much as possible.
BTC / EOS two weeks of lateral movements
Looking at the 30D chart, it is almost doubtful that we are in a phase of inversion, for three consecutive months now, in fact, EOS is holding the support as if we were in a large accumulation phase; to tell the truth there are many altcoins in this situation, however I would advise against catapulting yourself to buy on the basis of this feeling because in the last year the alt have already played several tricks left to the traders. On the 7D chart we see that the MACD is bullish, but it seems to be losing momentum, so I would not be surprised to see it return bearish perhaps following a price movement that will see prices fall to reach 2300 satoshi; this level, in fact, corresponds to the minimum reached in early December 2017, after which EOS had a big bull run. The idea that I am following, in practice, sees a drop to 2300 satoshi, the formation of a large bullish divergence on the MACD, which should then follow a bullish push strong enough to bring the price back to around 0.001BTC. Very little to say, however, for the one-day time frame, here at least a couple of weeks has been flat calm, so it is basically impossible to pull out even a minimal indication by looking at this graph.
The low liquidity that is characterizing the altcoin market, together with lateral price movements and the consequent low volatility, make it generally difficult to try to predict which direction the price will take and this is even more true for some currencies in particular, including EOS . Going long on this cryptocurrency at the moment is basically a gamble, it would be a bit like betting on horses and since we don't deal with bets but trading it would be the case to postpone; we therefore take this opportunity to remind everyone that it makes no sense to open positions on the basis of simple sensations and that every time we give in to this kind of impulses we inevitably end up finding ourselves stuck in operations that involve enormous psychological pressure. If then we go to buy coins in which we do not have a great confidence here we end up systematically selling by consolidating huge losses; the smartest thing to do, therefore, is to stay out of the market, hoping that in a week's time the situation has become clearer but, frankly, I wouldn't count on it too much.