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Thread: EOS/USD Analysis

  1. #16
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    EOS/USD

    From last week’s analysis when the price of EOS was $2.75 at its lowest point we have seen an increase of 45% measured to the highest level so far, which was yesterday at around $4.



    Looking at the hourly chart, you can see that the wave structure looks similar to that of Litecoin as the 5th wave to the upside was most likely ended and with it the Intermediate Y wave out of the WXY correction. Now a retracement should be expected as the price increased by 151.8% in total from the start of the correction when the price of EOS was $1.57 at its lowest point.

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    EOS/USD

    From last Thursday when the price of EOS was $3.992 the altcoin has continued its upward trajectory. It was much like in the case of other cryptos as the market is strongly correlated until Sunday when it came up to $4.463 at its highest point, which was an increase of 12.13%. On Sunday the price started falling down fast as it came to $3.4656 at its lowest point on Monday, which was a decrease of 22.5%.



    On the hourly chart, you can see that the 5 impulse wave to the upside has ended, so a retracement has expected to play out. The price came up to the horizontal support level. It now served as resistance at $4.5896 for an interaction which ended as a rejection, not because the level serves as strong resistance but because the price increased by over 104% from the start of the second impulse and the first minor resistance encountered triggered its end.

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    EOS/USD

    From last Thursday the price of EOS was $3.9564 at its highest point the price has been in a minor downtrend and came down to around $3.5 at its lowest point of the week on Tuesday which was a decrease of 11.6%. On Tuesday we have seen an increase of 6.63% as the price came up to $3.7414 at its highest point but again started trending to the downside moving below the 0.5 Fibonacci level again.



    The 0.5 Fibonacci level serves as significant support/resistance point as you can see from the hourly chart and now that the price came below it we could see the interaction with the support at around $3.2787 where the first correction ended after the initial drop of over 18% we have seen on 25th of February. After this corrective move to the downside which I have labeled as a Minute WXY we are most likely seeing the second correction in the upside direction which is why after this minor downtrend ends I would be expecting another increase like we saw started on last Monday when the price increased in a five-wave manner to the upside.

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