Bitfinex has today officially announced the launch of their EOSfinex platform. A decentralised exchange to be built on the EOS.IO platform.
So what does this all mean? We go over the EOSfinex launch below.
What is EOS.IO?
EOS.IO is a blockchain protocol that will allow the horizontal scaling of decentralised applications. This will allow blockchain developers to build better performaing, distributed applications.
Horizontal scalability is achieved by scheduling applications across multiple CPU cores and clusters. This also allows EOS.IO run a no fee, ownership based model. All extremely exciting development prospects that takes what Ethereum has done and sends it to the next level.
What is EOSfinex?
A continuous goal of Bitfinex has been to research and sandbox the capabilities of various protocol-level technologies that meet the rigorous requirements of a high volume, blockchain-based trading platform. This vision has led us to EOS.IO, whose goal of processing tens of thousands of transactions per seconds, with minimal fees and confirmation times, is heavily aligned with our ambition.
The EOS.IO platform provides both the scalability and speed that anyone aiming to deliver a decentralised exchange needs. By building on the EOS.IO platform, Bitfinex will be able to offer a fast and transparent platform for traders to seamlessly execute their orders.
Will EOSfinex be Successful?
I've been excited by the blockchain tech advancement that EOS promises to offer since the beginning. Add the speed and scalability traits that EOS offers to a decentralised exchange and that excitement goes to the next level.
It absolutely makes sense for a company like Bitfinex to be looking at both Ethereum (through Ethfinex) and EOS as they work toward a truly decentralised exchange offering. But with EOS not quite live yet and an ecosystem that is still lightyears behind major competitor Ethereum, there are still huge risks associated with investing in the coin and backing projects that are built on its ecosystem.
Crypto is a battle of the fittest and this is a prime example.
EOS Technical Analysis
Finally, let’s have a look at what the charts are telling us.
EOS/USD Daily
You can see that on the higher time frame, daily chart that price has printed what looks to me like a new absolute floor at $6.00. If that capitulation spike down couldn’t break it, then that’s it.
It again most recently held as the low following the latest price drop and for me it’s now held and there’s opportunity in looking at longs off the level.
EOS/USD Hourly
Zooming into the intraday, hourly chart and you can see the same short term resistance levels being retested as support for us to trade around.
Best of probabilities to you!
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
Hi @forexbrokr, I've just came on your blog in the last couple of days and I like what I've read so far. I can tell you are actually in the game and not just commentating on it.
I've been trading forex for years and have just recently started checking out the crypto markets, and this is how I stumbled on steemit. As you know, with forex being such a large liquidity marketplace, I'm checking how my methods will hold up in the still rather low liquidity crypto space, with Bitcoin the only one with over 100 billion market cap.
These past couple of weeks I've just really been getting a feel for things and speculating some small amounts for the long haul, rather that actually trading anything yet
It would be great to connect with some of you guys here on steemit, and maybe you can recommend so good guys you've found here. I will continue to check back through some of your stuff to build my knowledge and understanding in this new market for me. Thanks for the great blog.
Hey, thanks for taking the time to properly read and comment. As I’m sure you’ve found out yourself from your time here on Steemit, the quality isn’t always great.
You’ve said that you come from a forex background (like myself). What sort of trader were you over there? I find that the same technicals actually work better here in crypto. My theory on that is the fact that this is still a purely speculators market. I’m interested in hearing what you think when you get a feel for things.
As for recommendations, the 3 traders that I resteem the most are @bulleth, @furious-one and @scaredycatguide. Check them out and say hi.
I’ve given you a follow back. See you around!
Thanks for you quick response @forexbrokr. In my forex trading, I guess yeah I'm trying to take retail stops, so I'm looking for levels beyond the obvious retail levels. For me it's all about the level rather than MAs or candles. But I do sometimes throw on MAs and Fibs and look at candles to get a view on what retail might be looking at. In short, I guess you'd say I'm price reading.
Anyway I've learned that it doesn't much matter how you trade as long as you're making consistent profits. Everybody to their own, what's comfortable and works best for you.
Thanks for the recommendation on the other guys, I will definitely check them out. Oh and thanks for the follow, I'll resteem this post for a reference and to kick things off :). Thanks for your time.
Sounds to me like big news for EOS. I was already bullish on it longterm, but I might need to increase my position. :) Thanks for sharing.
These sorts of decentralised app announcements are going to keep coming. EOS has so many positives for devs and is will become by far the best option to launch your project on.
With the technicals lining up at the moment, I don’t think you can go wrong.
If bitfinex is involved than it's centralized ;)
Harsh, but fair. 😉
I like your style, followed you ;)
And you back. See you around.
Cool. Can't wait to see the EOS ecosystem unfold. Exciting times!
Yep, this is just the beginning! The possibilities of what can be built on EOS.IO really excite me.
Nice one, waiting!
What are you waiting for?
Nice post! Love reading EOS porn.
EOS is definitely the coin that I have the biggest hard on for. 😂
Eos is the daughter of Hyperion, a bringer of light, the One Above, Who Travels High Above the Earth
High above the Earth - Moon time?
They knew what they were doing when they named it, huh 😎
that is a good news, I'm bullish on EOS too but what about plasma for ETH ? looks like they won't be on their own to offer scalability what do you think ?
https://plasma.io/plasma.pdf
It will be interesting to see if it has anything like the reaction to Bitcoin’s Segwit.
EOS can do the job better right now, no off chain extras required. We’ll have to wait and see about Plasma.
thank me and follow you @forexbrokr
Shanks.
Sweet post. Curious about your thoughts on Elliot Wave Theory and how that applies to crypto markets. I know a lot of people swear by it and say that TA is more pure in crypto trading. I really just started learning TA last year but have been thinking about getting into Elliot Wave. Also thats for the resteem!
I’ve never gotten into EW as it’s highly subjective. There is no mixing up a support/resistance level, but a wave count can be done a ton of different ways.
Very true. That is the main thing I have been struggling with in my understanding of EW is just how to count the waves. Seems like too much room for error to judge things. Are there any certain indicators that you like to rely on?
I don’t trade with indicators. Just purely price action around support/resistance levels. I’m al about keeping things simple :)
Good post,
You write the same generic comment on every post you come across and even self upvote them. Did you even read it?
Can you please try to be a little bit more engaging when you comment and vote your own crap on my page?
nice post you my friend really like to post you my friends thank you for sharing things that I can learn from you
You copy and paste this same, grammatically rubbish, generic comment to everyone. Stop spamming.