EOSBTC Cup and Handle
I've been watching this chart waiting for the price to break outside of the handle for about a month now. I figured we would find support on the 200 SMA and go through from there. We didn't get that on this chart, but support was found on previous price action from December where it held very well. So far in the run up outside of the handle, we've seen resistance where the 50 and 100 SMA cross and support from the run up a few days prior. We then went up and through both of those, found support ton the 50 again and then had another run up past the 100 SMA and are just now coming back down to it. While the 2 day correction we're having right now is a little steeper than I'd like it to be if we can find more support on the 100 and hold volume I think we will very quickly see it move to the previous support level/ likely resistance and big even of 100,000 Satoshis. From there I think we'll see a correction back down to the 100 day and 50 day coming up to cross back over the 100 signaling a longer term bullish tone and could very possibly surpass previous highs with the release of the EOS main net and general positivity from what I believe is the upcoming Alt coin cycle.
Long term prediction:
I'm new to TA so please correct me if I'm wrong and understand that this is a very hot take and the most optimistic version of my prediction. The other crypto cup and handle I'm using for reference in Bitcoin's from 2014 to early 2017. That pattern (while many other factors are involved) took 28 months to be created, the bottom of the cup was 5x lower than the top and the handle was a 30% retracement in price action, which led to a run up of 10x price. EOS is an 8 month pattern, the bottom of the cup is 16.25x lower than the top, and the handle was a 60% retracement from the high. This leads me to believe the in the coming months EOS may see an increase in price of around 12.5x its handle bottom value of 55,000 Satoshi's, just under 700,000 Satoshis.
Regardless of price I think EOS is a great project and I would love to see it succeed.
Long term prediction:
I'm new to TA so please correct me if I'm wrong and understand that this is a very hot take and the most optimistic version of my prediction. The other crypto cup and handle I'm using for reference in Bitcoin's from 2014 to early 2017. That pattern (while many other factors are involved) took 28 months to be created, the bottom of the cup was 5x lower than the top and the handle was a 30% retracement in price action, which led to a run up of 10x price. EOS is an 8 month pattern, the bottom of the cup is 16.25x lower than the top, and the handle was a 60% retracement from the high. This leads me to believe the in the coming months EOS may see an increase in price of around 12.5x its handle bottom value of 55,000 Satoshi's, just under 700,000 Satoshis.
Regardless of price I think EOS is a great project and I would love to see it succeed.
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