Crypto_Ed
Short

Shorting $EOS, simple but effective break out trade

BINANCE:EOSBTC   EOS / Bitcoin
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9916 17
I haven't really followed the EOS hype but this looks as a shorting opportunity to me.
Made a high a while ago in a 5 legs upcycle and now in an ABC correction. Didn't manage to make a new high in the latest upmove which looks to me as the B leg.
Bearish divergence in that latest upmove (on 240m chart), which is a clear sign it is loosing momentum.

How to trade: wait for a breakout to the downside and the retest (see link below if you're not familiar wiht break out trading).
Once retest fails, you can open short positions and hold to C (determined with Fibonacci Extensions).
If current move up (the B-leg reaches higher, C will also be a bit higher) but I will update if that happens.

Simple but effective set up, just wait for the break down. If it doesn't happen, just move to the next trade.

Happy Trading!
Comment: This is why you should wait for the retest of the breakout, it went a little below the trendline but immediately bounced


Coud go more higher and even make a 5 legs structure before a bigger correction. If so, final target will allso be a bit higher
Trade active: Price broke down and already hit first short term target.
Depending on the strenght of alt markets, we might see a bounce from here of just continue to the downside.
A bounce would be good opportunity to add to your shorts.
Comment: Bounced on the .5fib level (correction of the whole upmove).
Expecting some consolidation or bounce before next move down to at least the .618fib level.
Comment: Trade closed yesterday when it didn't break .5 fib level.
Watching the bounce to open new shorts
Comment: ON track for 2nd target
Comment: LOL, wrong chart
Comment: 2nd Target reached
Comment: Seems to be heading for that final leg down
Comment: Target reached
Great trade, i know you can short it on bitfinex but how did you short it on binance? Did you use your own stack?
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Crypto_Ed Datengeist
@Datengeist, Bitmex. You can't short on Binance
+1 Reply
Look like we still have one more leg down on EOS.

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amazing turnout, great call!
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I think i'm kinda guessing it.
Check the updates and hit the play button. 6600 next.

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What do you think about BTC? It should follow BTC as nearly everything is highly correlated to BTC.
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Keep and eye on EOS it could get a downgrading very soon :
Weiss just said : The EOS dream will not come true until it fixes its centralization problems, which came into sharper focus with its launch this week.
This project is not new to controversy. It’s been criticized because of some of the people involved in its development. It’s been bashed for its scheme to raise $4 billion without even releasing the product.

I hope not but this could turn into a new Tron down spiral, they need get things together and fast or it will not look pretty
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Thanks for chart ...its looking good and give me a bigger picture of what may happen.
I do feel that the ABC correction is completed and not to sure if it will retrace to your point C. Reason is that i have looked at the previous waves and never has any leg 4 retraced much more than 50%. However this is only valid if my wave count is accurate and history repeats.
It will be interesting to follow ....

+2 Reply
This is why you should wait for the retest of the breakout: it peaked just below the trendline and trying to recover now
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