EOS/BTC short term direction
Updated
EOS has hit out targets to jump back into the market, the cci showing a nice steady reversal but volume still dropping which isnt the best sign so we will be keeping a close eye on this trade incase it takes a turn for the worse.
Expecting a small down trend on BTC means alts will most likely following suit so not expecting this to 100% take off from our entry just yet.
4hr chart showing some exhausting on this mid term uptrend and on the smaller time frames we did get a double top at .009853, we have a close eye on our trading algorithm at the moment which is signaling this uptrend coming to a stand still at the moment so this trade has become a little more risky than before, although it could just become a short term pause/consolidation as the market takes some fresh orders of distribution before making another move.
As much as i would like to say give this some time to breath, EOS tends to have no chill when its set up like this and can often just shoot off earlier than expected.
There for we will be laddering our buys in smaller increments with a solid exit strategy incase it takes a turn for the worst.
Proper risk management is the key for a risky trade.
The daily chart is showing potential harsher retracement back to around the .009 mark so thats our next re-entry point if we break down from here.
Expecting a small down trend on BTC means alts will most likely following suit so not expecting this to 100% take off from our entry just yet.
4hr chart showing some exhausting on this mid term uptrend and on the smaller time frames we did get a double top at .009853, we have a close eye on our trading algorithm at the moment which is signaling this uptrend coming to a stand still at the moment so this trade has become a little more risky than before, although it could just become a short term pause/consolidation as the market takes some fresh orders of distribution before making another move.
As much as i would like to say give this some time to breath, EOS tends to have no chill when its set up like this and can often just shoot off earlier than expected.
There for we will be laddering our buys in smaller increments with a solid exit strategy incase it takes a turn for the worst.
Proper risk management is the key for a risky trade.
The daily chart is showing potential harsher retracement back to around the .009 mark so thats our next re-entry point if we break down from here.
Trade active
Short term target hit, some contracts closed still holding some for next target, will do an updated chart shortlyTrade closed manually
we exited 50% of our position at the first short term target at the bottom of our supply zone at .009980 locking in 60% on 10x lev, let the other 50% run over the weekend but our algo was spitting out some take profit signals early so moved the stop loss up just below the top of the supply and we where wicked out on that small pull back but still banking 85% on the last bag.It did end up shooting a little higher over the weekend but we didnt take another position and luckily so as its had a heavy sell off over night following the BTC rejection at 4200.
Like most alts that have followed BTC over the past week or so, im expecting them all to form a nice correction now so will have to make a new updated chart for EOS later tonight
Thanks for the gains EOS, what a champion
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