EOS: weekly market analysis - Price Prediction

By Roberto D. | Price Analysis | 2 weeks ago

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BTC / EOS the trend is still bullish

As far as EOS is concerned, today we will focus only on the 1D chart; the first thing we notice is that by pulling a line that combines the maximums of September 17th, 7th and October 25th what was resistance up until a week ago has now become a support. The price, in fact, broke on the upside and then retraced using the straight one to go and bounce; the next few days will therefore be decisive for having a definitive confirmation of this interpretation. As for the MACD at the moment it seems to be bearish, but it has not yet cut the zero line and the feeling is that within three or four days at the most it can come back bullish; the other interesting thing we can see by observing the bollinger bands, the price has exploited the lower edge of the bands to bounce back (although still only timidly) and there are excellent chances that the median is cut upwards and, if so, we could expect an explosion of bullish volatility. Let's take a look at the ichimoku cloud, here we see that the price, on 1D chart, has not yet broken the clouds but has used them just to rebound, while on the 7D chart the retracement has crashed right against the faster moving average, which offered support to bounce off.

Weekly forecast

As far as I am concerned, I would tend to confirm last week's forecast and I am therefore still bullish on EOS; attention, however, because bitcoin's fragility could drag all the altcoins along, if this should happen also EOS will inevitably end up falling. The community, which was expecting an altseason already between the end of spring and the beginning of summer, has so far remained dry, but the feeling at this moment is that only strong hands remain on the alt market. Who knows that the weakness expressed by BTC does not bring back some volumes on the alt, giving important profits during the coming weeks; the only thing we can do right now is to observe how things will evolve, while as far as EOS is concerned the appointment is for next Sunday, when we will understand if this analysis will also prove to be wrong or if instead the thread was correct logical that we started to follow last week.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only

Roberto D.
Roberto D.

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

Price Analysis
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