Transactions Have no Value, but this Lawsuit Might | EOS ($EOS)
⚖️ While the crypto market as a whole has a chance to recover, and we have generally favored long setups on crypto, we think EOS specifically will make a good hedge short play. EOS has seen a string of bad news including a lawsuit and a report that suggests most transactions on EOS have no financial value. That, alongside a short term bearish trend, has us looking for more downside in the near term.
Resources: cryptobriefing.com/most-transactions-xrp-tezos-eos-have-no-financial-value/ + coindesk.com/block-one-lawsuit-eos-investor
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1. Fractal Trend is showing a downtrend (Maroon bar color) on the 30 minute timeframe. This is indicative of the short term bearish trend for EOS.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon line color) and/or bearish S/R levels plotted by Directional Bias (Maroon line color).
3. Right now we are looking for a short entry off the R1 bearish orderblock which we hope to see act as short term resistance. The target from that trade is the bottom of the pennant. A stop placed below the R2 bearish orderblock cluster will help limit risk.
4. If our first entry doesn't work we will open another short in the R2 range with a target of S1. Here a stop is placed well above the R2 cluster and should only trigger if R2 fails to hold.
Again, the idea here is to use EOS as a hedge against our other positions.
Good luck fam!
Resources: cryptobriefing.com/most-transactions-xrp-tezos-eos-have-no-financial-value/ + coindesk.com/block-one-lawsuit-eos-investor
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
1. Fractal Trend is showing a downtrend (Maroon bar color) on the 30 minute timeframe. This is indicative of the short term bearish trend for EOS.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon line color) and/or bearish S/R levels plotted by Directional Bias (Maroon line color).
3. Right now we are looking for a short entry off the R1 bearish orderblock which we hope to see act as short term resistance. The target from that trade is the bottom of the pennant. A stop placed below the R2 bearish orderblock cluster will help limit risk.
4. If our first entry doesn't work we will open another short in the R2 range with a target of S1. Here a stop is placed well above the R2 cluster and should only trigger if R2 fails to hold.
Again, the idea here is to use EOS as a hedge against our other positions.
Good luck fam!
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