EOS/BTC: Drop it like its hot
EOS recently broke a trend line ans has been in free fall. Looking at the 3-day here, support around 67k sats was broken. I would look to the 54k sat range as a potential area for a bounce, but things do not look great for EOS here.
After this recent drop there has been a lot of over-bearishness for good reason, as EOS will liekly see another -10% to -20% drop from here. Not too much else to update on this chart, I recently read something about a lack of users on the EOS network in terms of dApps and developers, but did not check the source and sometimes these types of statements are common types of FUD.
Nonetheless, the fundamentals look relatively poor for EOS due to the large amount of money raised and lack of apparent innovation. From a technical standpoint looking at the chart, I would wait for around the 54k sat level to see what happens before stepping in and taking a larger position, as there is currently indecision and overall bearishness to the movements of EOS.
EOS is not one of my favorite coins to trade, but it felt relevant to chart because it is a Bitmex alt.
After this recent drop there has been a lot of over-bearishness for good reason, as EOS will liekly see another -10% to -20% drop from here. Not too much else to update on this chart, I recently read something about a lack of users on the EOS network in terms of dApps and developers, but did not check the source and sometimes these types of statements are common types of FUD.
Nonetheless, the fundamentals look relatively poor for EOS due to the large amount of money raised and lack of apparent innovation. From a technical standpoint looking at the chart, I would wait for around the 54k sat level to see what happens before stepping in and taking a larger position, as there is currently indecision and overall bearishness to the movements of EOS.
EOS is not one of my favorite coins to trade, but it felt relevant to chart because it is a Bitmex alt.
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