The crypto market keeps drifting lower, and, reading the Reddit and Twitter sentiment, it seems many who bought high during the last run are giving up their positions. Capitulation selling seems to be in progress. But, to quote one of my favorite analysts over at ElliottWaveTrader.Net, "this is where sharks play."
Focusing on EOS, I believe we are close to a major bottom. In order for the downside structure to complete, one more low would be ideal, and that would likely also allow for positive MACD divergence to develop on higher timeframes, like on the 4H chart attached.
Ideally, we have started the bounce in wave 4, and I will look for it to be a big enough corrective wave up to signal wave 3 has ended. However, in strong downtrends corrective waves can be shallow, so I don't really expect it to reach the box before continuing down into wave 5. Anyway...
The lower blue box is where my focus will be for the long term.
So, I will be buying more EOS in the box, at 3.34 and 2.78. I will also place stink bids way below it, because during capitulation, price can spike way below ideal projections and seek longer term Fibonacci levels. For example, the 1.618 extension of (C), as well as the 0.618 retracement from the all time high, lies at around 1.58.
And, just to be clear, I'm already long. This market can turn any time, orders can be left unfilled and exchanges can crash. Make sure you don't miss the boat.
