EOS: If you like risk, you can buy - Weekly Price Prediction

EOS: If you like risk, you can buy - Weekly Price Prediction

By Roberto D. | Price Analysis | 12 Jan 2020


EOS: weekly market analysis (from 6 January to 12 January 2020 on BTC / EOS pair)

 

BTC / EOS bullish or bearish, that's the problem

Unfortunately EOS, being a very young currency, offers us very few food for thought and, above all, presents a substantially unusable monthly chart; for our analysis, therefore, we will have to make the most of the weekly time frame.

The first thing we notice, therefore, looking at the 1W chart is that from August 2019 to today EOS has formed a huge bullish divergence, clearly visible on both the MACD and the RSI; the other thing we notice is that around 50000 satoshi there is a resistance that will prove to be very hard to break given that, previously, it had represented a very solid support.

It is therefore likely to believe that EOS is heading precisely towards this price range, from which, however, it is easier to be rejected than not to be able to break it.

Looking at the 1D graph, the feeling is that the bulls' push can continue up to 47700 satoshi, but here the bullish push should slow down and the bulls must be rejected violently; the other thing we notice is a crossing of the moving averages on the ichimoku cloud, with the price that has already peeped beyond the cloud and which should soon be followed by the delay line, in a scenario that would therefore become markedly bullish.

Before concluding, let's also take a look at Graph 4H to try to focus on price movements in the very short term; here we see that the trend in the short is markedly bullish but the feeling is that very soon there will be a retracement and it is precisely on the retracement that those who want to go long must be able to buy.

Weekly forecast

The feeling is that this currency is about to enter a markedly bullish trend; personally I have serious doubts that he will be able to break the resistance at 50,000 satoshi and, consequently, I don't think the game is worth the candle. Mind you, it would still be an increase between 30% and 40%, but the risk is to lose even more if, for any reason, the current trend were to reverse.

In fact, we must take into account that despite a first bitcoin retracement, it is still above $ 8,000, which should be understood as a signal of strength; the risk we run is that in the next few days BTC's bullish volatility explodes again, sinking the price of the alt.

If this were to happen EOS could hardly save itself from this dynamic, it would break the support and instead of giving profits it would end up giving losses.

I therefore believe that this is not an optimal time to invest in any altcoin, however, those who love risk, can take EOS into consideration since, however, it is currently showing a bullish trend.


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 Telegram channel: https://t.me/dumbwaystoearn


Price Analysis
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