EOSBTC - SHORT

1 mar 2018

EOS currently in a little consolidation zone. It's testing previous major support as resistance. The previous 4 daily candles are heavily bearish with extremely long wicks to the top (shooting star yesterday). If price breaks downwards off from this consolidation zone then it'll first head to the 0.5 fib level where it will find resistance and more likely bounce off from. It should go up to test previous support (of this consolidation zone) as resistance to then continue downwards to the .618 level. This fib level will be key. Once again another chance to place a short term buy order. If downside risks are still higher than upside ones then the likelihood of price making one last move down to the .786 fib level is very high. The correction phase will be over only after a clear break from the current downwards channel occurs. For the time being it's a safe short.