EOS/BTC 1h chart technical analysis

EOS/BTC mainnet launch is still in process and it will take days according to this article.
The price went up ~20 % on the mainnet launch day and was forming a pennant in the 1h chart. Unfortunately, the price couldn't hold the lower trendline and broke down of the pennant. This is mainly due to the bitcoin price action, which was also a breakdown of the ascending triangle.

So, the price couldn't hold the pennant and the 50 h moving average. It found a support at the 100 h moving average level and currently holding above the 100 h moving average.

The next price action would be really dependent on BTC price action. If bitcoin keeps going down then EOS would also decline further and test the 200h moving average.

Please upvote and follow me if you like this post. Also, please leave your comment below if you would like to add something to this post.
Did you want me to do some TA on your favourite altcoins? Let me know down below :)

Where I trade : Binance
Follow me on Twitter : Twitter

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.