EOS for real a phenomenal ICO was raised with $4 billion in crowdsale with no working product. How come the marketing team do such a great and legendary effort (until now, behind Tezos) in an early of environment of blockchain? This is something that all of us supposed to learn from them.
Despite those fundamental background, EOS right now is sitting at #5 on coinmarketcap. Crazy ain't it?
From the technical part EOS hacing it's glorious day was on April-May 2018. A semi bull-run which people were talking about consensus pump bla-bla.
As today, I see EOS chart as a potential H&S pattern. Which means, EOS probably have a chance to raise about 40-50% gains from the current price and then back to the neckline which are about 55-60% dump from that price. This one also possible with the price action trying to break through my ichimoku cloud indicator. Which mean the seller right now has losing power and slowly the position taken by buyers.
or another issue.
Lack of volume plus with the bearish div on RSI, it's not an H&S but chart trying to find bottom after it's phenomenal gains in April-May. Which by this being said, i'm looking for support around 0.0005619 and below or -36% from the current price. In order for that to happen, i expect the RSI go below 50 level and touching the bottom of it and the volume keep decreasing as we are on the way to meet the final momentum for reversal.
@blockchaindedi, I know that a head and shoulders can be at the end of an uptrend to signal a reversal. I didn't know that it could be in the form that you pictured, though.
blockchaindedi
⋅
@Dawnchorus, well, let's see mate. will mention you again around november and we'll see. Whatever the result is, we both will learn, cheers.
Dawnchorus
⋅
@blockchaindedi, sounds good, personally I think it looks good on the weekly chart...I think it will do well. I am hopeful that this bear market is over.
blockchaindedi
⋅
@Dawnchorus, yeah me either. love your works mate. how you turn you background chart to black? could you teach me mate?
Dawnchorus
⋅
@blockchaindedi, absolutely. Let me get back to my desktop and I will tell you how I did it.