EOSUSD quick retracement before further gains
With some elements of surprise (and perhaps a lot of FOMO), EOSUSD achieved the $3 target a week earlier than I thought (see previous post). After such crazy gains, some consolidation should come at no surprise.
In the long-term view, we appear to be at the end of Wave I. Wave II should be corrective; however, considering the launch of the testnet in a week's time as well as the recent breakout from the already highly-bullish channel, I think the retracements will be shallow, and wave B is likely to touch $3 again. The lowest points are likely still above $2.5. Wave III could start by mid-Dec, and should be quite bullish.
In the long-term view, we appear to be at the end of Wave I. Wave II should be corrective; however, considering the launch of the testnet in a week's time as well as the recent breakout from the already highly-bullish channel, I think the retracements will be shallow, and wave B is likely to touch $3 again. The lowest points are likely still above $2.5. Wave III could start by mid-Dec, and should be quite bullish.
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