EOS is starting to look like it wants to pullback into its support area around $6, which coincides with its trendline support as well.
Green scenario: If BTC does find support around the 7000-7100 region, we should see a bounce in EOS around that range and continue its move higher testing overhead supply around $7.
Red scenario: If BTC fails to remain above the 7100 area, we could see EOS break the trendline and fall to the $5.3-5.4 range. The once $6 support area would then become resistance stopping any move higher and could result in a continued move lower as BTC sentiment could very well switch back to bearish.
Monitoring BTC price action is very key for all altcoins as they seem to be very much correlated to BTC movements, and caution should be taken when entering.
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Green scenario: If BTC does find support around the 7000-7100 region, we should see a bounce in EOS around that range and continue its move higher testing overhead supply around $7.
Red scenario: If BTC fails to remain above the 7100 area, we could see EOS break the trendline and fall to the $5.3-5.4 range. The once $6 support area would then become resistance stopping any move higher and could result in a continued move lower as BTC sentiment could very well switch back to bearish.
Monitoring BTC price action is very key for all altcoins as they seem to be very much correlated to BTC movements, and caution should be taken when entering.
Please hit the like button and follow us!
Thank you!