EOSUSD - Leader or Laggard
Trading lesson:
As anyone who watches crypto on a regular bases knows, is that they all basically trade together and are highly correlated. Therefore, when we see an impressive move in one crypto it is often helpful to see which crypto was is the leader and which is the laggard. In the latest bullish moves in crypto ETH is the clear leader starting its bull run hours before the others. And if ETH starts to head down then chances are EOS will fall faster. . . It is also good to recognize manipulation exist in all trading instruments especially crypto. Thus some chart technicians have noted that there is often a trend for crypto to make bullish moves during long holidays, like the recent three day American holiday. During these holidays there is often low volume and a lack of hedging which makes it easier to push up. But what makes the current move interesting is that prices broke above a long term trend line on large volume. This could suggest that the move is sustainable. ETHUSD next resistance area is 165, and a level EOSUSD traders need to be aware of.
As anyone who watches crypto on a regular bases knows, is that they all basically trade together and are highly correlated. Therefore, when we see an impressive move in one crypto it is often helpful to see which crypto was is the leader and which is the laggard. In the latest bullish moves in crypto ETH is the clear leader starting its bull run hours before the others. And if ETH starts to head down then chances are EOS will fall faster. . . It is also good to recognize manipulation exist in all trading instruments especially crypto. Thus some chart technicians have noted that there is often a trend for crypto to make bullish moves during long holidays, like the recent three day American holiday. During these holidays there is often low volume and a lack of hedging which makes it easier to push up. But what makes the current move interesting is that prices broke above a long term trend line on large volume. This could suggest that the move is sustainable. ETHUSD next resistance area is 165, and a level EOSUSD traders need to be aware of.
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