Lets take a longer term look at the EOS market versus Bitcoin. EOS was hit hard by the speculative fever a few months ago when WEISS ratings gave it a very high rating and basically advising people to invest.
The market has lost roughly 60% against BTC since May this year. Even though the open interest is continuing to build, its important to realize we are still in a strong bearish trend, some gains could be on the table for the shorter term, however it could be short lived, lets take a look.
Most longs here should be considered higher risk trades and proper planning is needed before entering any trades like this. We can see the momentum has taken a sharp turn upwards, possible gains on the very near term, however its important to note that the indicator is still confirming the current bearish trend by being at -8.
Personally I think any gains on the market now could be very short lived, the market is still looking for a bottom, and even though EOS is a nice project, it is very new and Bitcoin should not be underestimated.
Final view, possible bounce to the MA’s, or further down before we get the bounce, this will largely depend on the correlation with the Bitcoin market. Safe trades.