IagoLemos

EOSUSDT Breakout from range

BITFINEX:EOSUSD   EOS / Dollar
Very unexpected breakout yesterday. So, usually this would be seen as a start for a new trend, but I'll discuss why i don't have conviction of it yet.
Anyway, some things could happen here:
1) It could consolidate into a bull flag , going sideways for now.
2) It could keep trending (with a lower slope) upwards. If so, price should retrace around the 32,8% and the 50%, as highlighted on the graph, then rally back up. I base my entries on ichimoku clouds crossings (price crosses base line down, then conversion line up), but that's what works for me. Don't buy these levels blindly, use a strategy to enter long if you so desire.
3) Bitcoin still doesn't look bullish to me. If it drops, I have a strong belief that all the others altcoins will drop as well. Thats why I wouldn't go all-in on this trade, keeping it low-leverage in these long positions (at least for now).
Observation: No more short entries should be taken. "The trend is your friend", you only take positions according to it. If the trend is going upwards, take only long positions. If it's going downwards, take only short positions. Even though I don't believe this trend will keep going for long because of BTC , it's still going for now. It's very risky to short it and go against it.
Again, I'm nothing but an amateur. Don't trade my strategy blindly. Keep your money safe.
Comment: Huge breakout on BTC. If its sustains, may be looking to long on EOS.
Comment: I do need to address something: crash patterns only end when the volatility ends. I don't think that this giant breakout on BTC will start a long bull run. Then, again, that's just my opinion.
Comment: Might be looking to short really soon. Since BTC is hitting the top of the downward trendline above, if it doesn't break it, it migh as well drag the altcoins with it. Let's observe.
Comment:
Trade active: Putting a low-leverage short position right now, with stop loss just above the "flag" top. I'm doing this because I believe BTC will drop soon.
1) If bitcoin goes past 8500, I will also close this position.
2) If EOS goes below the past support on 8 - 7.80, I will reinforce my position.
3) If EOS hits the past support, but doesn't break it immediatly, I'll be taking partial profits.
Trade safe everyone. Good evening.
Comment: PLEASE be careful with BTC. It's indeed making higher highs, but with low volume at the moment. This might very well be a trap. Don't trade till a breakout occur.
Trade active: Taking partial profits.
Trade active: I'm continuing to take partial profits as we hit the support time and time again. Preparing to reinforce my position, since I expect the price to go down. I'll reinforce my position if the support we're hitting is broken.

Comments


modifying stop-loss accordingly.
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