EOSBTC - The easiest short of the year?

9 Jun 2018

EOS - BTC Short

Potentially the easiest short of the year on Bitmex...

In my opinion we could see 0.00148 / 0.00126 / 0.00095 if this gets shorted like I think its going to.
Yes there will be corrections, distribution & what not on the way down but there is truly serious downside potential here.

Why?

• Huge run since April on [realistically] no spectacular news
  
• Blow off top 100%
  
• Wyckoff Cycle fit perfectly
  
• EOS futures have just listed on Bitmex.. At their ATH.. What happened to BTC when futures were released...
  
• Volume declining at significant pace
  
• Volume profile.. Wow, not a lot of support on the way down..If we break below 0.00163 this could get REALLY exciting
  
• RSI looking sexy for decline
  
• Fibonacci working well thus far for simple pullback phase before another leg down [ABC]
  
• EMA 20 / 50 / 100 all quite a stretch below current price
  

Targets
Entry: 0.0019068
Stop: 0.002 [4.4% risk]
Exit 1 [50% of stake]: 0.00163
Exit 2: Just going to let this baby burn & re-assess...

This is not financial advice. Just my trading plan.

29 Jun 2018

Nota

So further to my comments below - On June the 12th where I decided to stay out of EOS in the short term - the price rose back up to the 38.2% fib.. Following charts showed us re-entering a couple of times. Now that we are fighting on the 80% fib I am back in a stay out of EOS mind set.

IF a strong breakdown occurs I will re-enter short. I consider a strong breakdown a new low candle close - roughly 0.001195