EOS Trade Idea - Going with Momentum, Looking to Buy the Pullback
Hey guys,
It’s hot today...
Wow, déjà vu! Sounds pretty familiar to yesterday’s blog, doesn’t it.
The difference today is that I’m lacking the energy to go out into it, even down to the beach. Probably a stupid attitude to have, but I just downright can’t be bothered to do any sort of walking in the sun.
I’m sure you can relate to those days where you’re just not feeling it, right? It’s autumn and we’re meant to be through this.
Gah!
Market Overview
Turning attention to markets and it’s war that has flicked the risk-off switch once again.
No, not a trade war... Like an actual war. Where people get shot and indiscriminately bombed.
Yep, so I have your attention now? Okay cool.
Okay, that sort of rhetoric from the leader of one global superpower to another will generally see money flow into safe haven assets like bonds and the Japanese Yen and that’s exactly what we saw.
We also got the release of the March Federal Reserve meeting minutes, which appeared to indicate a more hawkish tone.
With the Fed already seemingly trigger happy on the rate rises, this keeps the outlook as expected for better. Add in the March CPI number beating expectations and its hawk city.
Kaw kaw!
Cryptocurrency Markets
If you read my Steemit blogs each day or follow me on Twitter, you know I like to take a market narrative and run with it. Letting the trades that come with the evolving story unfold across the blogs each day.
With USD/JPY and STEEM trades still above any intraday swing high levels that would stop us out with profit, I’ll leave them alone and today turn my attention to Dan’s baby, EOS.
EOS/USD Daily
Yep, you guessed it, we’re starting with a higher time frame level and working our way in from there.
You can see that price has bounced up off what I’ve looked at as a new floor since that low liquidity flash crash stopped there and has rallied hard since.
Price then hit that next resistance zone I’ve marked, but the momentum is all bullish so for me, the support level is still the key for me and I therefore want to be buying when I trade.
EOS/USD Hourly
Zooming into an intraday chart and you can see this juicy little, obvious block that will surely see buyers step in at once we retest.
If it holds. I buy looking for new highs. If it goes straight through, no skin off my nose.
That’s trading! ✌🏻
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
I like EOS and was sorry to see it pump today because I wanted to buy at a low level. I'm so tied up in steem that I have no real funds to buy. I have always like the income possibility with steem but feel I have enough yet. I wonder what price would be too late to buy EOS at as opposed to putting that cash into steem and earning off it. I really only have about $500 tops to spend I don't know what is the best play.
Well that's the conundrum that we all face haha!
If you look at ETH as a comparison to EOS, then it looks like there is a lot more room for price to rise. Keep earning STEEM for the income side of it and then anything you have left over, divert into EOS?
Good post. Can you tell me what you think is driving the price of EOS up at the moment?
Well before the market wide rally (which I think is just purely a technical bounce off support in Bitcoin), EOS went early because it's a quality project. The official launch is coming up and EOS holders are going to be airdropped coins from every dapp built on the platform. It's going to be huge.
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Please don't copy and paste the same spammy comment across Steemit. Instead, take the time to read the blog that you're commenting on and leave something that adds to the discussion.
All of Steemit (and the price of Steem) will benefit as a result.