EOS UPDATE: Fireworks! Minor Correction Before Next Wave Up
cryptocurrency·@workin2005·
0.000 HBDEOS UPDATE: Fireworks! Minor Correction Before Next Wave Up
 What an amazing 72 hours it's been for EOS. Let me first say to all EOS holders, CONGRATULATIONS! Now on to the analysis... EOS still has room to rise, but I think we might be in for a minor correction first. We hit massive resistance at 81,250 satoshi. I believe that was the completion of wave 3. Could it continue up without correcting? Looking at the volume...yes. We haven't seen volume this strong since January. That said, a small correction is more likely in my opinion. The RSI is oversold and hitting a strong resistance point at 83.3 RSI. So how far will it correct? Looking at wave 2, we see it corrected to about the 0.618 fib level. Since wave 2 corrected fairly deep, Elliot wave says wave 4 is likely to have a more shallow correction. Targeting the 0.382 fib level (75,328 satoshi) would be logical. From there, I'd expect a strong bounce to begin wave 5. In order to break the strong resistance at 81,250 satoshi, volume is going to have to continue to remain high. A drop in volume might indicate a failed wave 5 attempt.  This analysis is only valid if Bitcoin remains bullish. If bitcoin drops, EOS will drop with it. In the short term, neutral to bullish. In the long term, I'm VERY bullish. **Relevant EOS News:** -FinLab AG and Block.one Announce $100 million Joint Venture to Accelerate Development of EOS.IO Projects in Europe. Link to article found here: https://medium.com/@eosio/finlab-ag-and-block-one-36cf89e8d17a -EOS updates their technical white paper: https://twitter.com/eosnewyork/status/976447159431258113  **I hope this has been helpful. If you enjoyed this article, please let me know by clicking the up-vote tab below. By up-voting my post, it says you'd like me to continue posting cryptocurrency analysis. If you didn’t enjoy this article, let me know how I can improve and earn your vote in the future.** **If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. You can sign up here for free: https://www.binance.com/?ref=16878853** **Please also consider following me. This lets me know who’s serious. I’ll do my best to support my followers and their posts. If you have a coin you’d like me to analyze, let me know. I’ll do my best to accommodate as many requests as possible.** **Thank you for your continued support. My goal is to make 2018 as profitable for you as possible. Together, let's crush it!** *Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.*