EOS BTC delightful higher-low on weekly RSI
I've never been that big fan of this project, but some assumptions shown below, brought me to assume we have a once-in-a-generation "long and forget" opportunity.
Timeframe for my analysis is the weekly one, so the most powerful in terms of long-term perspective.
- RSI oversold since october 2020: oversold bounce is just behind the corner (Wave 1). RSI is finally painting a higher low (2nd circle in green compared to the 1st one): this is essentially what bulls were expecting since almost 6 months ago.
- Once a lower-high on RSI is confirmed, the price will essentially follow and seek further higher-highs. Most likely resistance won't be a certain price range, because the recent trend dug the price almost to zero. I am indeed assuming the real resistance will be the purple neckline reported on the RSI graph, which has already 3 point of contacts and litterally demolished all the bulls attempt since 2019.
- If and when invalidated the purple neckline on RSI, the ultimate resistance will stand on red horizontal ray, which was the bulls home for a long time, and i'm sure will be a very big liquidity pocket (point-of-control).
- always have a look on global marketcap and position on ranking. EOS now is sitting around 25-30 ranking, it may easily get back into top 10. And don't be scared by the fact weak-retail-hands now hate this project, this is a huge signal of bullishness: these people are the same will buy in rage at a price x-times higher than the current one.
History always repeats itself. No financial advise, always do your own researches and manage your risk properly.
Cheers!!!
Timeframe for my analysis is the weekly one, so the most powerful in terms of long-term perspective.
- RSI oversold since october 2020: oversold bounce is just behind the corner (Wave 1). RSI is finally painting a higher low (2nd circle in green compared to the 1st one): this is essentially what bulls were expecting since almost 6 months ago.
- Once a lower-high on RSI is confirmed, the price will essentially follow and seek further higher-highs. Most likely resistance won't be a certain price range, because the recent trend dug the price almost to zero. I am indeed assuming the real resistance will be the purple neckline reported on the RSI graph, which has already 3 point of contacts and litterally demolished all the bulls attempt since 2019.
- If and when invalidated the purple neckline on RSI, the ultimate resistance will stand on red horizontal ray, which was the bulls home for a long time, and i'm sure will be a very big liquidity pocket (point-of-control).
- always have a look on global marketcap and position on ranking. EOS now is sitting around 25-30 ranking, it may easily get back into top 10. And don't be scared by the fact weak-retail-hands now hate this project, this is a huge signal of bullishness: these people are the same will buy in rage at a price x-times higher than the current one.
History always repeats itself. No financial advise, always do your own researches and manage your risk properly.
Cheers!!!
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