EOS/BTC broke out!
EOS/BTC chart looks quite promising as it finally broke out of the falling wedge with a good amount of buying volume (Ideally, we wanted to see more volume tho). Since I posted on EOS/BTC, bitcoin price went down and other coins including EOS followed bitcoin. As a result, EOS/BTC showed a false break out but it found a support level at 0.0014 BTC/EOS and broke out of the upper resistance line of the falling wedge. Then, now it's cooling down a bit as it went up ~20%.
Is this break out sustainable?
So, is this break out sustainable or collapsing soon? This would be hugely affected by bitcoin price action. Bitcoin is still not bullish yet and currently holding ~$7,500 USD/BTC level.
If the price of BTC maintains (or goes up) then there is a good chance of EOS keeps going up and it may test the previous high. If bitcoin keeps going down, then we may see a throw back of EOS/BTC to the upper trend line of the falling wedge. As to some support lines, I would watch 0.0016BTC/EOS level and the 400 h moving average for a very short term support.
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Disclaimer : I am not a certified financial advisor. This post is just my personal opinion and not financial advice. Please do your own research and do not trade just based on my posts.