Bitcoin continues consolidating within a wedge just above the $3,800 support. As it approaches the apex we should expect a larger move in the next 48 hours or so.

EOS is also consolidating within a wedge. Like bitcoin, it’s approaching the apex suggesting a larger move should be expected.

In todays analysis I discuss where prices may be heading next, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

 

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

Published On TIMM:

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.

Feature Image By: Saul Gravy

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Responses

  1. CryptosDecrypted

    Excellent update @workin2005. If only EOS were decoupled from BTC. If that were the case I’d be loving the EOS chart. What does keep me interested though is the looming release of Blockone’s first projects…a run-up in value seems a high probability play prior to a June release but as ever, if BTC tanks hard that thesis becomes void..much to ponder…

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      1. Workin2005 Post author

        Thanks @cryptosdecrypted and James. Agree, EOS obviously has real potential over the next few months. The chart looks beautiful…but as you say, BTC rules the roost. If it tanks, EOS and the rest of the market go with it. Hopefully we see a decoupling by years end.

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        1. TIMM

          BTC really has a lot of gravity, but sometimes alts defy gravity on their way to big cap. It’ll be a cool day when the BTC-centric solar system becomes mature enough to break alt orbit. 🙂
          Check out when ETH came on and was bullish while BTC was crashing a few years ago. Then The DAO debacle and ETH was in a bear while BTC in a bull. Also look at the EOS/BTC chart over the past year. If you traded BTC for EOS in late 2017, You’d be up about 480% in both USD and BTC (BTC is about break even over that time frame). If you’d traded ETH for EOS about a year ago you’d be down 60% in USD, but up 160% in ETH.
          Then there’s BNB…

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          1. Workin2005 Post author

            No doubt TIMM…and as pointed out, EOS just may defy gravity these next few months. BNB has been even more impressive than I thought. Wish I would’ve bought more back in January…but hindsight and all. 😉

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    1. Workin2005 Post author

      Good question. The simplistic answer is, MA’s are slower to react to price changes and are truly an average of the timeframe you’re looking at. EMA’s are quicker to react to price changes and put heavier emphasis on the most current data. For example, the 50 day EMA will weigh the prior day heavier than the day prior to that and so on. As far as which to use, that depends on the trader/strategy preference. Typically, MA’s are good for big picture trends and finding good long term hold entries while EMA’s are better for day and/or swing traders IMO. But it really all depends on the trader.

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      1. VG

        Perfect! That makes sense. I’ve been wondering about that but kept forgetting to ask. Thanks very much for explaining it. I’m sure it won’t be my last question. 🙂

        (1)
        1. Workin2005 Post author

          My pleasure. Ask anything, anytime my friend. One of these days I’m going to learn to pour my own silver. If/when that day comes, I’m sure I’ll be coming to you with many questions. 😉

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  2. TIMM

    You really did a fantastic job explaining this, Workin’. Folks will learn a lot by listening to your analysis. Thanks for your hard work and for sharing your insights.

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  3. Cornel

    I’m glad you keep updating us from TA stand point on a regular basis, @workin2005
    I heard a lot of people saying that the bear market ended in the middle of February and since then indeed, as you say, it saw a consolidation, even with a small uptick…

    So, hopefully we’re on track!

    (1)
        1. Workin2005 Post author

          Yeah, it’ll vary depending on the exchange referenced. You can see on the charts above I’m referring to Coinbase. If looking at Bitfinex for example, that area of major resistance is around $4,250-$4,300 as BTC trades slightly higher over there.

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  4. Teutonium

    In the next bull run I’m sure EOS will decouple from BTC and moon like ETH did… hopefully it won’t have the same ending that ETH is having… BTW do you normally look at gaps in the futures? Even though people say that the gap is closed I think we still have one at 3940 that we should close before any dumpage… and another at 3580

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    1. Workin2005 Post author

      I’ve not been monitoring futures as much recently, other than I know they had record daily volume on Feb 19th (I think). As I covered in the video, I agree price may spike before collapsing, likely filling what’s left of the 3940 gap.

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