EOSBTC 1D consolidating towards something ?
Updated
[Published for self backstudy]
EOSBTC has been narrowing in between blue trend lines for quite some time. Breaking those trend lines should result in a significant move.
If the bulls start charging, we'll be faced with two red resistances and MA200 leading to a very uncertain bull run, without much room for profit from a long position. I would probably stay out of it.
But if we go bear, which fits the crypto market feelings overall at this time, we would only have to cross the 0.00070 red support to open a confident short with a 0.00055 target (next support).
And now the watch begins...
EOSBTC has been narrowing in between blue trend lines for quite some time. Breaking those trend lines should result in a significant move.
If the bulls start charging, we'll be faced with two red resistances and MA200 leading to a very uncertain bull run, without much room for profit from a long position. I would probably stay out of it.
But if we go bear, which fits the crypto market feelings overall at this time, we would only have to cross the 0.00070 red support to open a confident short with a 0.00055 target (next support).
And now the watch begins...
Trade active
Bears have won the first battle and we entered a short position upon blue support breakout.For now, price action is taking a break on the red support @0.0007 BTC. Good time to lower the stop-loss to a no-loss, and maybe close part of the position to lock in profit on this trade.
However, I would let part of my winner ride, if required with a trailing stop, hoping that we could dump to next support @0.00055 BTC.
Trade closed: target reached
Short position closed upon reaching support @0.00055. We could see a reversal soon, especially if we consider how oversold EOS/USD is right now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.