EOS is making a pauze for it, presently surging overheen 26% ahead of BTC on the back of fresh support from South Korean investors. At the time of writing, Upbit and Bithumb exchanges are collectively responsible for overheen 42% of EOS trades, against their native KRW currency. Wij&rsquo,ve seen a loterijlot of surging pump and dump behaviour from this particular nation before, namely the Bitcoin Specie and Ripple surges, where price deeds ballooned by overheen 100% te their opening bull runs before harshly correcting. This sporadic activity is difficult to chart spil wij could see thesis overheen inflated bull runs trigger irrational, and often emotional, buying behaviour within other crypto exchanges, spil people hastily buy into thesis kinds of surging assets to make quick gains.
Before this latest activity broke out, EOS wasgoed actually looking bearish!
Ter the 4hr chart below wij can see an Elliott impulse wave form off the rebounding 60,000 Sats support, which wasgoed already completing the very first (A) correction wave. The candles were consolidating well into a rising wedge reversal pattern, with the projected (C) correction wave retracing back down to the 0.236 fib level at 71,000 Sats.
Both RSI and Williams R% indicators were displaying EOS spil an overbought asset during the top of the impulse wave at point (Five) and volume wasgoed beginning to lagen, so all of this wasgoed looking like a promising confirmation of an imminent trend reversal.
Ter the present uur EOS is still gaining manically swift, with the potential of retracing bullishly to the 0.786 fib level, just overheen the 11,000 Sats mark if bullish support proceeds to rally.
With the asset uptrending at such speeds, it&rsquo,s unlikely EOS will be able to hold on to the fresh price point for long. Merienda the peak is established and sell orders embark to pile te, the trend will quickly turn from FOMO buy to funk sell and the price act typically plummets. There could be a late buying chance for short-term investors looking to scalp a petite build up off the rebounding price act merienda it over-sells. Thesis gains will be fractional compared to the current bull run but can still supply reasonable comebacks. Having a clear price point to buy ter and sell out will help control your trading emotions during this overly-hyped market activity.
Looking above wij can see the current uptrend seeking to retrace to the 0.618 fib level at 123,000 Sats. Presently the trend is attempting to overcome a well tested resistance at 110,000 Sats where wij could see some selling pressure start to thrust back the bullish advance. If support resumes beyond this point then it&rsquo,s likely wij&rsquo,ll see the peak of this run terminate somewhere around 130,000 Sats before correcting. A termination at this high-end area would sate a bullish &lsquo,Cup and Treat&rsquo, pattern, where wij would have liked to see the price act pauze above the 0.Five fib level at 144,000 Sats after correcting back to the lower support. However since the price activity has bot artificially inflated without any sustainable cause, it&rsquo,s unlikely that wij&rsquo,d see this formation play out.
While this unexpected surging price act will no doubt attract many fresh investors temporarily to EOS, ter the absence of any big news announcement or development it&rsquo,s safe to say that EOS is presently loving a schrijven pump and dump phase, orchestrated by South Korean investors. While gains can almost certainly be made, there&rsquo,s a fine overeenkomst of uncertainty now spil to what will go after te the aftermath, merienda the funk sell-off occurs. Wij&rsquo,ve often seen assets take weeks to recover after thesis pump and dump frenzies finish, spil brief term profits are withdrawn ter yam-sized volumes out of the surging alt-coin into more stable assets elsewhere.