The EOS/Bitcoin pair launched its bull run on December 13, 2017 when it breached resistance of 0.0004. Its momentum was so strong that it went as high as 0.0013333 on January 13, 2018. In just a month, the market grew by 233.33%. This surge was exploited by those bought the breakout at 0.0004 by taking massive profits.
Faced with heavy selling pressure, the market retreated to as low as 0.00081648 on January 17, 2018. Participants saw this level as the new higher low, and the base for another strong rally. While the market rallied and managed to touch 0.0013 resistance, bears defended this level, and sent the pair down to 0.00095757 February 6. This level appears to be a new higher low that the market might use to finally break 0.0013.
Technical analysis show that the EOS/Bitcoin pair is creating a large bullish continuation pattern in the weekly chart. In this pattern, support is pegged at 0.00098. Currently, the market is still consolidating, and that gives you the opportunity to buy at an optimal price.
The strategy is to buy as close to 0.00098 as possible. Once selling weakens, the market will resume its ascent. It must first take out 0.0013 resistance before it can reach our target of 0.002. The entire process can take a month.
Weekly Chart of EOS/Bitcoin on Binance
As of this writing, the EOS/Bitcoin pair is trading at 0.000102600 on Binance.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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