EOSUSDTPREP Buy | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team

Hello everyone, this is my third input for this week's trading competition. This trade yielded fewer profits but was safe that way.

Without wasting much time, let's go!

EOS is an open-source blockchain platform designed for developers to deploy or build their DApps. In its early stages, it was considered one of ETH's rivals and it still is. EOS was developed by Block.one and was founded by Daniel Larimer and Brendan Blumer in June 2018.

Block.one is a company that specializes in high-performance open-source blockchain software. EOS has been criticised for being centralised because of its involvement in this project. This is a good and bad thing as a little centralization could establish a better network whereas it ruins the decentralised nature of blockchains. On the other hand, decentralization is achieved with the delegated proof of stake consensus mechanism. This mechanism also keeps the network secure.

Its aim is to make blockchain technology adopted by programmers by providing a simple and easy to work with platform for building decentralised applications.

The features of EOS that make it one of the blockchain networks to consider building on are that; it is fast, flexible and forward-driven. It is highly scalable, it has a wide array of developer tools and resources, and it is highly configurrable.

EOS is the native token of the EOS blockchain. Token holders are allowed to vote for block producers and upgrades on the network.

At the time of writing this post, EOS had a value of $2.83 and was ranked #49 in the list of cryptocurrencies on CoinMarketCap. It had a market cap of $2,793,518,063. EOS has a total supply of 1,051,010,401 EOS of which 985,786,695.38 EOS were in circulation.

EOS recorded its all-time high of $22.89 four years ago. Since then, its highest recorded within 52 weeks is $14.88. Its lowest price recorded within the past 3 months is $1.87 which is equivalent to its lowest recorded within the month with a value of $1.88.

EOS can be traded on many exchanges. You can buy and sell EOS with other assets like BUSD, USDT, BNB, ETH, BTC etc on exchanges like Binance, Gate.io, KuCoin, Huobi Global etc.

EOS is very popular among users of Steemit because of its founder Dan Larimer. In my search for an asset to trade, I decided to check its chart to see whether there were some setups to enter a trade. I notice the asset had found support at a particular level and so I became bullish on the token as I expected a rise.

I also did a little price check to see whether it would be a good asset to buy at the time. Its highest price within the week neared its highest price within the month and dropped slightly below. With the confirmation of the current support, I saw it as a good opportunity to buy.

As usual, my analysis was simple. this time I made use of the RSI to check the overbought and oversold condition of the market. The name of the EOS asset I chose to trade was EOSUSDTPREP on Binance futures.

I marked the support and resistance levels in the 1-hour timeframe. The price had reacted with the support level twice which made it quite valid.

I used the RSI to check the condition of the market. The asset had gotten to its highest oversold condition recorded after being extremely overbought. The RSI showed that the price was expected to rise. It had crossed its SMA and was going above it which confirmed its suggestion.

I switched to the 15 minutes timeframe to identify more reaction levels to place and entry and exit.

I switched to the 5 minutes timeframe to get a more accurate level to place an entry and exit. I placed the order on my Binance mobile app.

It wasn't long after which the price hit my entry to trigger my position. The details of the trade are available in the next section.

As usual, my plan was to make profits within a short time period.

I bought 40 EOS at a price of 2.828 USDT. My TP and SL were 2.899 and 2.767 respectively.

At the time, the current trend of BTC was bearish and so I started putting in place measures in case a reversal occurred. I set a new stop loss to keep me in profit regardless of when the reversal happens. I marked the possible reaction level and set my SL slightly below it.

The image above shows my updated SL. The updated SL was 2.839.

My prediction was that the price was going to touch the level and react with it.

Or, break through the level because of the double top and go down.

Unfortunately, the latter happened and the rice went lower than my initial SL. Fortunately for me, I was out of the trade with my updated stop loss.

The image above shows my trade history. Like the other trades, the sell order was split into two but with the same price. I made a profit of 0.4 USDT. Most often I set the SL to take profit very low because it could be a retest before the price moves in the expected direction.

EOS is a very good project that I'd recommend others to buy. It provides a scalable, fast and secure platform for developers and aims to make blockchain technology adopted by developers.

I believe investing in EOS isn't a bad choice. From its price analysis, you can tell it still has the potential to rise. Note that this is not a piece of financial advice. Make your investment with risk capital and trade safe.

It's better to take fewer profits than to leave with a loss. Most often I get greedy at certain times but this time I had more control and followed the signals just in case the trend reversed. I hope you enjoyed reading my post.