Double-Digit Gains

EOS is one of the best performing cryptocurrencies of the last seven days

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July 26, 2019 Welcome to the weekly edition of the CoinDesk Markets newsletter! Every Friday we will review our cryptocurrency price predictions posted during the week via CoinDesk Markets Twitter  or our private room on StockTwits, the CoinDesk Dojo.  "Trades You Missed" will feature our favorite trade ideas or technical analysis insights that accomplished impressive gains, where as "Trades We Missed" will feature those that took a turn for the worse. Wins and losses are both part of the trading game, so we hope you will learn how to replicate our successes and minimize losses!   Double-Digit Rally EOS/BTC: Price: 4,730 sats | MCAP: 437,785 BTC   | Maximum Gain: +18.72% Why we were intrigued: EOS, the seventh largest cryptocurrency by market value, is currently up 25 percent in BTC terms on a seven-day basis.  The cryptocurrency was showing signs of life around 4000 sats on July 22 with the relative strength index on the *Renko chart flashing a bullish divergence. Further, the indicator had bounced up from oversold territory – a sign of impending corrective rally.  More importantly, the price chart was showing a bullish Renko box with a long wick – a bullish reversal sign, as per the historical data.  So, a buy call was initiated at 4042 sats for an upside of 5000 sats and with stop loss below 3788 sats. Traders were also advised to respect the stop loss, given BTC’s penchant for sudden bullish reversal.  As expected, EOS/BTC violated the bearish channel on July 24 and clocked a high of 4799 sats on Binance earlier today.  The target of 5000 will likely be achieved over the weekend, as indicators like the relative strength index are now reporting bullish conditions with an above-50 print.  *Renko charts only measure price movements. A new block or box is created when the price move a specified amount. Further, each block is positioned 45 degree angle (up or down) to the prior brick. Renko charts help traders crowd out the noise created by intraday price highs and lows.   The Trade   The Result    Everex Didn't Climb Everest EVX/BTC: Price: 4,127 BTC | MCAP: 933 BTC  | Maximum Loss: -1.26% Why we were intrigued: Lesser-known cryptocurrency EVX looked to have bottomed out as per Renko chart on July 22. The pattern was similar to the one seen on EOS/BTC's chart..  The relative strength index was reporting a bullish divergence and the moving average convergence divergence indicator was crossing above zero, signaling a bearish-to-bullish trend change.  Further, the Renko chart was flashing a bullish box with a lower wick, a historically strong bullish pattern. With odds looking stacked in favor of the bulls, our analysts called a move higher to 4,700 sats when the cryptocurrency was trading at 4,050 sats.  The view failed with EVX hitting stop loss of 4,000 on the following day. Technical studies rarely work in low volume alternative cryptocurrencies like EVX. So, there is always a risk of getting trapped on the wrong side of the market.  Hence, it is always advisable to keep a very short loss. For instance, we had placed a stop loss of just 51 sats.  The Trade The Result    We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets.  Create an account on StockTwits and then subscribe! Subscribe Here   Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list