Reason for short EOS:
Pattern: double top in 4H time frame
RSI divergence
Weakness for bitcoin, if bitcoin dump, EOS is a good choice for shorter.
First target ~ 3.85 usd
Second target ~ 3.55 usd
Stop loss : ~ 4.42 usd
Pattern: double top in 4H time frame
RSI divergence
Weakness for bitcoin, if bitcoin dump, EOS is a good choice for shorter.
First target ~ 3.85 usd
Second target ~ 3.55 usd
Stop loss : ~ 4.42 usd
Trade active
Okay, 3H later, big move coming. very good position for us:Bitcoin break key resistance.
EOS break the neck line
Trade active
Consider the EOS are strong than bitcoin or other alt coin, I will change a little bit of my original plan, take half of profit now.Another half depends on the time of bitcoin rebounce. I thought the timing maybe soon.
Trade active
Although the EOS seems like very strong currently, but I still think it was a great coin to short, since it cannot strong always, such as BNB, HT, all of strong in down trend market will be pay later.EOSBTC, 4H in overbought region, if BTC continue drop, dump of EOS will be huge!
Trade closed: stop reached
stop reached, I will write comments about what has been learned from this trading later.Trade closed: target reached
Lessen learned:1.alt coin for short should be select seriously, I should check the eosbtc pattern and trend, and bitcoin market share pattern/trends should be considered also.
2.I will add following techniques to my analysis toolbox for altcoin
Altcoin/btc: how is is trend for altcoin compare to btc? It’s hype or in downtrend?
Bitcoin fundamental analysis:bitcoin just the index of whole crypto market, if bitcoin going down, most of alt coin will be suffer.
Finally, combine all of above analysis, try to find the best one to long or short !
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.