Like and subscribe😍
EOS is the 16th largest Altcoin according to Coinmarketcap, but yet EOS has been on a downtrend since 2018.
While most other major altcoins are having a good pump in 2021, EOS seems to be just sitting right there in a range, even after seeing some good increase there was no clear price movement.
But right now a strong buy signal is finally flashing on EOS , which show that the current $1.8 to $2 support could be the bulls kitchen where they are getting ready to explode to the upside this January.
The pattern shows a clear indecision period between buyers and sellers, here the battles is a tough one as buyers and sellers take different turns to punch each other but yet not one of them has successfully beaten the other to it. This back and forth between buyers and sellers results in price testing the same support and resisitance countless times before breakout.
Considering this , for breakout to occur, principle need to play out.
The wyckoff spring pattern is a good illustration of how this works out, it describes a similar situation that could work its way out on EOS , this is called the Spring.
I won’t be going into full details to explain the Wyckoff strategy but here is a brief explanation of what to expect off this Spring currently about to play out on EOS .
The Structure and the supply-demand relationships expressed in price action, the waves and are what tell us about the likely next market move.
Not chart patterns.
A spring is a price move below the of a trading range that quickly reverses and moves back into the range.(you can call this a typical Bear trap)
this is because the drop below support appears to signal resumption of the downtrend but In reality, it’s the opposite,
the drop only marks the end of the downtrend, thereby “trapping” the late sellers, or bears.
Remember that the extent of supply, or the strength of the sellers, can be judged by the depth of the price move to new lows and the relative level of on that penetration.
We could see this Stop loss hunt taking place in EOS before the Major run occur.
we could see strong buy buy by the bulls at the bottom below the .
If this spring plays out, EOS is likely to see a measured move to the upside with clear target of $6 to $6.5.