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RE: EOS: Will it drop further or is it ready to fly?
I am coming back to this post now May 15th and EOS is dropping hard, just broke under $13. The wedge broke down and at this writing appears to be dropping again from the current levels. Not easy to get this right, realize that. Looking for next flight toward new ATH.
This post is almost 2 weeks old. I've put out 5-6 updates since then. Remember, technical analysis is constantly changing and never 100% accurate. Anyone who tells you they know for sure what will happen is lying or foolish.
All an analyst can do is look at the technical information at any given time, and then pass on that information to investors. Sometimes the market surprises us...especially in crypto. You can have the most bullish looking chart for a given altcoin, and if bitcoin drops, there's a 90% chance that altcoin will drop as well. That's why we have stop-losses.
With EOS, I gave multiple warnings of a possible major drop before it happened. That's all I can do as an analyst. I do believe EOS will rise to new ATH's in another few months if not before. The thing holding back the market is fear of regulatory action by the SEC. We just had the shapeshift exchange stop allowing US customers to use their service for certain coins. They fear they will be labeled a security. One of those coins was EOS. This uncertainty is NOT good for the market. We need regulatory clarity before any more major investors are going to enter the market. When we get that clarity, the sky will be the limit.