Technical analysis EOS. EOS-BTC on July 20, 2018

July 20, 2018


It is getting close to the oversold condition. we can see the correction pullback on the chart. We have got several waves down and almost reached Fib 0.786, which, as a rule,  is the target price correction level. The current zone can be good for opening long-term long positions using the small part from your deposit and increasing it along with the market fall as we still have a possibility to go down. On 1 day timframe, we can see the long uptrend, which should hold the market pressure and work as a strong support (in case of a good scenario development). If we break this level and we will not get a quick bounce to the higher levels (in terms of a fake bearish breakout), we should expect the further fall. On the middle timeframes, we are inside of the downtrend wedge, if we break its upper edge it will give the market an opportunity to move up. In addition, now we can from the double bottom and bounce to the upper edge of the wedge. If we have a negative scenario, if the current level does not hold the market pressure, we should expect the test of a bottom edge of the pattern and the support near 0.0010000. The main magnet for the long-term price direction is  0.0014700-0.0017000 zone (Fib 0.5 – Fib 0.382), but initially, we can bounce and move within 0.0012000-0.0013400 for some time. Be careful, correctly use your capital and share your deposit, don’t forget about the risk management. Globally, most of the markets are close to the reversal, but there is no confirmation still. Much depends on the capitalization development and the movement direction of Bitcoin. Once it follows the uptrend and starts to consolidate on the higher levels, the markets of alts will start to grow again (but still can lose the price during Bitcoin growth).

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