EOS/BTC Pair Analysis Shows a Classic Bullish Setup
SUMMARY
The EOS/BTC pair shows a very distinct, crisp and vintage Cup & Handle pattern. It's interesting to see that the genesis of the pattern dates to the listing of this coin. The most imediate pattern was an abc that completed and the following impulse of five completed the cup formation. Since the handle pattern is currently in progress, the likely target of retracement could be the 0.618 zone, as shown in below chart.
The 240 minute chart view shows that an ABC is probably the best fitting correction. Since the handle is coinciding with a retracement equal to wave 2 of a higher degree of trend, the deepth is usually 50% but given the overall Cryptosphere corrective sentiment, the 0.618 is selected. The five subwaves of the final C wave shows one more remains; wave 5. The level of C is currently also equal to the prior wave 4. Let's see howe the overnight price action takes this.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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