What a difference a month makes.
Here’s the EOS 3 Month Chart from 30 days ago:
And here’s that same time frame a month on:
This was my short-term thesis as stated in this post.
EOS is a buy on a dip.
Local entry point 0.0106 BTC (moving up if price action dictates)
Stop loss -15% (approx) below entry (to account for current market volatility) 0.0088
Sell 1 week prior to announcement – expected profit near May 2018 BTC highs (0.0019 BTC).
Looking to buy back-in on being stopped out.
EOS – The One – For now
So I got my entry point and eventually got stopped out. It happens.
As per my original thesis, I bought back in at 0.000805 BTC.
Stop loss set at 0.000732 BTC.
Profit target 0.001235 BTC (lowered expectation).
Sell 3 May 26/27th prior to Blockone announcement (history favors a post event drop).
If stopped out – no more positions short-term.
So the trade hasn’t worked out as hoped – such is trading.
However, analysing losing trades is always worth the time.
Are We Done Yet?
Its only May 7th, plenty of time for EOS to run prior to June 1st – which of course, is why the second position was taken.
A Partial Answer
Bitcoin outperformed EOS. The market has spoken and shown a clear preference for BTC. This is something of a surprise as sentiment on EOS has been very positive of late.
One caveat from my previous post does seem to have had a negative effect:
Block.one’s promised marketing may not occur or be effective (low probability).
EOS – The One – For now
However, EOS hasn’t exactly outshone its nearest competitors either:
EOS has been significantly outperformed by both Binance Coin (BNB) and Etheruem (ETH) this past month.
Sure, any trade can go against you. The market has its own mind.It may be as simple as that.
So No Pump?
All is not lost. Crypto often runs. June 1st is still weeks away. EOS continues to deliver a steady stream of good news. Over 1 million EOS accounts, the removal of the EOS User Agreement (EUA), the long-awaited deployment of REX, purpose-built hardware wallets, and on and on it goes. No other chain seems to be developing at such a pace and across so many metrics.
Does this guarantee a price pump in the coming weeks? Absolutely not but it certainly leaves the door open.
In any case, the long term outlook for EOS remains very positive. It is cheaper, faster, develops at a greater pace, and is better funded than its competitors. All in all, it remains an excellent multi-year investment.
Follow-up report pending after June 1st Blockone event in Washington.
Balanced look at EOS metric for April:
Look like EOS inflation rate is going to drop to 1%: