With EOS dropping 40% in the past few days, it became the most volatile large-cap alt coin. Thus, an ideal candidate for playing the retracement.
On the daily chart, the price is close to long term support with RSI bullish divergence forming. For shorter term plays, we are waiting for the 1HR RSI bullish divergence to finish forming, which should happen if price drops below 2.68. For longer term plays, we are waiting for the 4HR RSI to give out confirmations.
This is a riskier play compared to the many "wait for the retracement then short" ideas out there. However, given the daily long term support, we like the risk reward ratio of the set up.
Let us know what you think.
On the daily chart, the price is close to long term support with RSI bullish divergence forming. For shorter term plays, we are waiting for the 1HR RSI bullish divergence to finish forming, which should happen if price drops below 2.68. For longer term plays, we are waiting for the 4HR RSI to give out confirmations.
This is a riskier play compared to the many "wait for the retracement then short" ideas out there. However, given the daily long term support, we like the risk reward ratio of the set up.
Let us know what you think.
Comment:
With BTC showing signs of reversal, we are opening 30% of the position for a quick scalp.
Comment:
We are out of the shorter term trade with a 15% gain.
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