Why I am still short on EOSBTC

21 giu 2018

Hi,

Whilst I haven't closed my short opened in the previous charts @ 0.0017.. I just wanted to update / re-evaluate.

My answer, I keep that short open. I am gutted I missed the chance to add to my short overnight though after looking at the chart!

Why still short?

• Fundamental update
• First & foremost lets get the FA overwith: EOS has been a disaster since mainnet launch, slow to build network stake, a failed update, coins being frozen, the BPs making decisions on YOUR coins via conference call? Please remember EOS raised over $4 BILLION DOLLARS... Quick conference call with the lads and bam your funds are frozen... right...
  "Oh but it's the ETH killer Unicorn, look at their potential TPS!" Correction: They haven't proven this TPS capacity. They haven't proven a single reason yet why they are better than ETH. What they have proven so far however is incompetence, haste & greed. This will not kill ETH, if you currently think it will, you aren't looking at this objectively & you are being influenced by your emotions.
  (NB: It has the potential to do well in the future, but right now we assess the fundamentals based on the FACTS, not hopes or beliefs.)Technical update
• The volume node at 0.00162 is the largest of all the nodes, it is acting as resistance zone. Factor in the second largest node is just above this.. That's a lot of resistance.
  
• 20, 50, 100 EMA all acting as resistance, more specifically the 50, which lines up pretty much perfectly with the aforementioned nodes.
  
• Overall volume still in a downtrend, this almost always causes prices of any asset to decline.
  
• Lower high pivots since 2nd June & consistent lower lows to boot. Another normal bear trend pattern.
  
• The small pump last night, had quite an impact on the RSI for very little price movement, taking us back up to the midpoint, followed immediately by a sharp downturn. Another normal bear trend reversal rejection pattern.
  
• RSI...Look at the RSI every time we went to the 50% fib... It was bottomed out & primed for a reset. It isn't currently looking like that's going to be the case this time..
  
• The 50% fib: We have had FOUR tests from it since the blow off top. FOUR! You could say that makes it a good support point... but really, a 5th retest? With all the resistances in confluence? The current FUD? The volume?
  
• When the 50% goes; potentially in a 'break below-retest as resistance-retest rejected' pattern I truly expect a good dump to the 0.0013 range at least, some tasty bull liquidations are in order.
  

Risks

• Miracle BTC bull run
  
• EOS releases unexpected positive news [I mean, astonishing news, like a MAJOR partnership worth big $$$]
  

This is not financial advice. This is a journal of my activity.

22 giu 2018

Nota

I really should drink coffee before posting updates...Keep sticking them in the comments section by mistake..!

Fantastic, dumping as expected, we have broken the 50% fib line - now for the re-test & hopefully the continued break down.

I may add to my short should the re-test fail. To confirm this we have to break the swing low at the Blue (A) with suitable volume.

23 giu 2018

Nota

Added to my position @ 0.00145

29 giu 2018

Nota

Closed out @ 0.00123, thanks EOS you the best.