EOS / BitcoinLong
EOS bullish plans got disturbed by BTC!
The long waited EOS mainnet has been officially launched. While it is a big milestone for the project, if any vulnerability is discovered now, there may be a lot of backlash, for understandable reasons. cointelegraph.com/news/fifth-largest-cryptocurrency-eos-blockchain-set-to-launch
On the other hand, due to the massive dump in Bitcoin, EOS dipped almost 30% today, from 0.0019 to 0.0015, founding support at the 78.6% Fib level.
So far this support hadn't been retested after the rally from June 1st. Above it, EOS has the red line and the 61.8 Fib Level as resistances. After that, the 50% Fib level plus the upper Bollinger Band defend a further rally.
If Bitcoin fails to hold the current price levels at $6600-$6800, we can expect EOS to lose this Fib level as well and a dip to the lower Bollinger Band and the blue line is possible.
A conservative buy would be at the 0.00150 - 0.00161 range, between the lower BB and the 78% Fib level. This analysis is valid while BTC trades above $6500
On the other hand, due to the massive dump in Bitcoin, EOS dipped almost 30% today, from 0.0019 to 0.0015, founding support at the 78.6% Fib level.
So far this support hadn't been retested after the rally from June 1st. Above it, EOS has the red line and the 61.8 Fib Level as resistances. After that, the 50% Fib level plus the upper Bollinger Band defend a further rally.
If Bitcoin fails to hold the current price levels at $6600-$6800, we can expect EOS to lose this Fib level as well and a dip to the lower Bollinger Band and the blue line is possible.
A conservative buy would be at the 0.00150 - 0.00161 range, between the lower BB and the 78% Fib level. This analysis is valid while BTC trades above $6500
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.