Reason for short EOS:

Pattern: double top in 4H time frame
RSI divergence
Weakness for bitcoin , if bitcoin dump, EOS is a good choice for shorter.

First target ~ 3.85 usd
Second target ~ 3.55 usd

Stop loss : ~ 4.42 usd
Trade active: Okay, 3H later, big move coming. very good position for us:

Bitcoin break key resistance.
EOS break the neck line

Trade active: Consider the EOS are strong than bitcoin or other alt coin, I will change a little bit of my original plan, take half of profit now.

Another half depends on the time of bitcoin rebounce. I thought the timing maybe soon.
Trade active: Although the EOS seems like very strong currently, but I still think it was a great coin to short, since it cannot strong always, such as BNB, HT, all of strong in down trend market will be pay later.

EOSBTC, 4H in overbought region, if BTC continue drop, dump of EOS will be huge!

Trade closed: stop reached: stop reached, I will write comments about what has been learned from this trading later.
Trade closed: target reached: Lessen learned:

1.alt coin for short should be select seriously, I should check the eosbtc pattern and trend, and bitcoin market share pattern/trends should be considered also.

2.I will add following techniques to my analysis toolbox for altcoin
Altcoin/btc: how is is trend for altcoin compare to btc? It’s hype or in downtrend?
Bitcoin fundamental analysis:bitcoin just the index of whole crypto market, if bitcoin going down, most of alt coin will be suffer.

Finally, combine all of above analysis, try to find the best one to long or short !
loving the fact that you share your ideas, i also provide valuable content, go check it out if you want
+1 Reply
HuPan transparent-fx
@transparent-fx, many thanks!
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