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RE: Very Quick Bitcoin and EOS Update
I like the update but I'm short on EOS at the moment.
Published my analysis and my opinion yesterday and, from a technical point of view, I can only see a downtrend continuing to form new lows :)
Good luck!
Good luck @forex-intraday. What was your entry point? Did you get stopped out with that recent rise from $6.90-$7.45? Or are you still short?
As EOS approaches that descending resistance on the 1 day RSI, we should get an idea of whether or not this latest jump has legs, or is just another bull trap.
Hey @workin2005, I'm not shorting EOS, I'm just waiting for a better price to buy it :)
This is an uptrend line that I drew on a daily chart. Here it is on an hourly chart.
After the breakout, the price is testing the old key-level. Nothing new from a technical point of view. Let's see if the price is able to go higher than that.
Good luck!
Oh...I guess I misunderstood. I took it literally when you said you where "short on EOS". My bad. Anyway, I wish you all the best @forex-intraday!
Ahahah actually my bad! Do you have a broker that allows you to short cryptocurrencies?
I have an American broker that I use to trade Forex and Stocks, but it only quotes Bitcoin.
You can short on Bitfinex, Kraken and BitMEX. It's a little more difficult if you live in the US, but where there's a will there's a way. I Always use a VPN for security. ;-)
Thanks! I don't live in the US, but I always used Bittrex and Binance, even if I knew the others. I'll have a closer look at those, thanks!
My pleasure
Agree on EOS, my target was in the $5 area, but that's what makes trading wonderful...people see the Markets from all angles.
Agree on the many angles. Crypto especially is the wild, wild west at the moment. Have you ever seen so many conflicting predictions from very talented analysts?
My analysis above is for the short term...i.e days. In the coming months, I believe EOS may see $5 if BTC drops. I can see a possible path to $5,000 for BTC and $5 for EOS...especially if BTC is unable to clear the $6,800 resistance in the next week, and $7,700 resistance in the next 2-3 weeks. If BTC clears $8,500, I'll start believing we may have seen the bottom. Until then, there are too many possible paths to $5,000 or lower.
What's so, so cool is that everyone of else can make a convincing argument where price is going, even potentially change our opinion. My wife thinks trading is gambling, I think it's speculation and I think trading is the greatest thing on earth.
I couldn't agree more. Trying to 'solve the puzzle' and outwit the market is one of the most challenging, yet rewarding things I've ever done...not to mention an absolute blast.