Whilst I haven't closed my short opened in the previous charts @ 0.0017.. I just wanted to update / re-evaluate.
My answer, I keep that short open. I am gutted I missed the chance to add to my short overnight though after looking at the chart!
Why still short?
Fundamental update
First & foremost lets get the FA overwith: EOS has been a disaster since mainnet launch, slow to build network stake, a failed update, coins being frozen, the BPs making decisions on YOUR coins via conference call? Please remember EOS raised over $4 BILLION DOLLARS... Quick conference call with the lads and bam your funds are frozen... right... "Oh but it's the ETH killer Unicorn, look at their potential TPS!" Correction: They haven't proven this TPS capacity. They haven't proven a single reason yet why they are better than ETH. What they have proven so far however is incompetence, haste & greed. This will not kill ETH, if you currently think it will, you aren't looking at this objectively & you are being influenced by your emotions. (NB: It has the potential to do well in the future, but right now we assess the fundamentals based on the FACTS, not hopes or beliefs.)Technical update
The volume node at 0.00162 is the largest of all the nodes, it is acting as resistance zone. Factor in the second largest node is just above this.. That's a lot of resistance.
20, 50, 100 EMA all acting as resistance, more specifically the 50, which lines up pretty much perfectly with the aforementioned nodes.
Overall volume still in a downtrend, this almost always causes prices of any asset to decline.
Lower high pivots since 2nd June & consistent lower lows to boot. Another normal bear trend pattern.
The small pump last night, had quite an impact on the RSI for very little price movement, taking us back up to the midpoint, followed immediately by a sharp downturn. Another normal bear trend reversal rejection pattern.
RSI...Look at the RSI every time we went to the 50% fib... It was bottomed out & primed for a reset. It isn't currently looking like that's going to be the case this time..
The 50% fib: We have had FOUR tests from it since the blow off top. FOUR! You could say that makes it a good support point... but really, a 5th retest? With all the resistances in confluence? The current FUD? The volume?
When the 50% goes; potentially in a 'break below-retest as resistance-retest rejected' pattern I truly expect a good dump to the 0.0013 range at least, some tasty bull liquidations are in order.
Risks
Miracle BTC bull run
EOS releases unexpected positive news [I mean, astonishing news, like a MAJOR partnership worth big $$$]
This is not financial advice. This is a journal of my activity.
Comment
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I really should drink coffee before posting updates...Keep sticking them in the comments section by mistake..!
Fantastic, dumping as expected, we have broken the 50% fib line - now for the re-test & hopefully the continued break down.
I may add to my short should the re-test fail. To confirm this we have to break the swing low at the Blue (A) with suitable volume.
Fantastic, dumping as expected, we have broken the 50% fib line - now for the re-test & hopefully the continued break down.
I may add to my short should the re-test fail. To confirm this we have to break the swing low at the Blue (A) with suitable volume.
frenzx
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clearly an eos hater
UnknownUnicorn3062951
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@frenzx, I have no emotional attachment to any investments, I deal in factual information. I'm happy to discuss if you have a counter TA idea or fundamental news you would like to put forth that may change my perspective though.
frenzx
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@UnicornCharts ok, but your factual informations are basicly fake news and FUD (for example in the case of the frozen accounts). That's no problem with that... but (for me) your view is very biased. Non need to examine the TA with theese assumptions.
UnknownUnicorn3062951
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@frenzx, Well, I'm not really sure which bit is fake news so:
1) EOS has been a disaster since mainnet launch <- I guess you could say this is simply opinion, however it's based on:
2) Slow to build network stake after mainnet <- This is true, it took over 24 hours.
3) A failed update <- This is true, check EOS official announcements
4) Coins being frozen <-This is true, check EOS reddit
5) The Block Producers making decisions on YOUR coins via conference call <- This is true, not necessarily a super bad thing, but it was received as bad.
6) They haven't proven the TPS capacity, they admit on their own reddit it is merely 'theoretically possible'!
7) What they have proven so far however is incompetence, haste & greed. <- This is opinion to some extent
8) They can freeze your money without you having a choice <-Fact
8) This will not kill ETH, if you currently think it will, you aren't looking at this objectively & you are being influenced by your emotions. <- Sound advice
Furthermore, my only bias, is a bias towards making money. I will long EoS when I believe it prudent to do so.
Unfortunately I have to agree with operative11 .. Your initial comment was one of pure emotion.
We have just broken the 50% fib - the key area - so we will see who is right in coming days I guess.
operative11
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@frenzx, clearly a fanboi/bagholder/stockholm-syndromer
I may add to my short should the re-test fail. To confirm this we have to break the swing low at the Blue (A) with suitable volume.