ridethepig | Wrong-footed

22 thg 10, 2019

After a painful few weeks for the short-term market, as is often the case when attention is overwhelmingly focussed on the nuances of pivotal Libra wording and expectations (last week's mass exodus case-in-point). Tweaks to forward guidance were sufficient to fulfil expectations, however an up-beat Bitcoin, purposefully lacking in mainstream press looks set to catch the market by surprise.

Dissecting the BTC$ price-action:

Both long-term and short-term positioning is aligning one way into year-end, a knee jerk unwind, and fresh demand storming the room upon release of further details from a breach on the Libra side. This is sufficient to see a powerful inflow into BTC which will spillover and trigger EOS to break the recently found extensions:

Ultimately, a price target of $13 in EOSUSD leaving us exactly where we sat down to find EOS 18 months ago. This is not to mention the BTC crosses - arguably where the majority of Crypto positioning lies.

Hurried buying in BTC, ETH, EOS and XRP, respectively, has characterised each flow of Crypto demand and is likely to persist on pull-backs from here. For EOSUSD, the path is very clear and we are more likely to impulsively move higher with momentum, with the dollar having recently lost footing.

Thanks all, please jump in with your ideas and charts on EOS and good luck.