Updated
EOSETH ABC correction or dragon reversal?
We see that EOS fell to 0.382x before bouncing hard to 0.786 -> but failed to stand above it.
Now the critical threshold is 0.618 (blue horizontal line):
I think the second scenario is more likely.
Now the critical threshold is 0.618 (blue horizontal line):
- If it falls below it, EOSETH will have another corrective wave, perhaps to 0.5x (0.0083ETH).
- If it bounces, this means EOS will have fully reversed its bearish trend & could retest 1x (0.00148ETH) soon.
I think the second scenario is more likely.
Note
appears to be sound even in today's huge dump. EOS has probably fallen deep enough against ETH.Note
I guess EOSETH is about safe at this point. Perhaps EOS will go up after the crash is over.Note
Indeed a dragon reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.