“Those two supports being gone is a major sell signal so there is no surprise that the price is falling like a waterfall at the moment. We already managed to retrace the 50% of the recent downswing and it does not look like this is the last word of the supply.
On the EOS, we can get much lower but I would be careful with opening short positions now and personally, I would prefer to wait for the clear breakout of the 50% Fibo.”
Back in that day, the price was around the 15 USD and the 50% Fibonacci was on the 13.44 USD. What is very interesting here, is that since those words were written, the price was only lower. You have to admit that it was a very good call. From the 11th of May, till now, the price created the descending triangle pattern (red lines) and did what was expected – broke the lower line of this formation.