EOS/BTC daily chart

As previously discussed, EOS/BTC has been correcting from the previous bull run. Now, it's clearly forming a falling wedge, which is often bullish since the downward trend is losing strength. What would be the next possible price actions?

More likely scenario

As the chart pattern shows a bullish signal, the price would probably break out the falling wedge within a week or so. The breakout could happen soon as the price is testing the upper resistance line. If it's rejected, then the price would go down to the 50 day moving average and then come back up (or further go down to the lower support line and then bounce back up).

Less likely scenario

I think this is less likely as BTC/USD is currently holding $8,000 USD/BTC but if BTC falls sharply, then EOS would probably follow and then breakdown the falling wedge and test 0.0013BTC/EOS, which is also a strong support.

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Disclaimer : I am not a certified financial advisor. This post is just my personal opinion and not financial advice. Please do your own research and do not trade just based on my posts.