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EDO/BTC Breakout In Play

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Eidoo (EDO)

Market Cap. $81.26M

Circulating Supply: 29.26M EDO

Max Supply: 0 EDO

Volume (24h): $11.77M

The EDO/BTC rallied today and resumed the yesterday’s impressive increase. Price increased as much as 0.00027700 level where it has found a temporary resistance. The rate has reached two very important and crucial resistance levels.

The pair seems determined to increase further and to jump in the buyer’s territory. EDO/BTC is pressuring a resistance zone, so we have to wait for a valid breakout before we take action again. We had a great buying opportunity in the previous days, so, now we have to wait for another one.

 Eidoo Price Chart (EDO/BTC)

Eidoo price increased aggressively after the failure to retest the 0.00022195 static support and the inside sliding line (sl1) of the ascending pitchfork. You can see that the rate has finally managed to close above the second sliding parallel line (sl2) and now has reached the median line (ml) of the ascending pitchfork and the upper median line (UML) of the major descending pitchfork.

It remains to see how the rate will react in the upcoming hours, but you should know that a breakout is favored after the failure to close near the 50% Fibonacci line of the descending pitchfork in the last retest attempt.

A valid breakout above the UML will signal a further increase, while a valid breakout above the median line (ml) will confirm that the EDO/BTC is strongly bullish and it should approach the upper median line (uml) and the first warning line (WL1) of the descending pitchfork. We have an important upside target at the 0.00040010 swing high as well.

Conclusion

You could still go long on this crypto pair if the rate will close and will stabilize above the median line (ml) of the ascending pitchfork. You should wait for the rate to make another low in the upcoming period where you’ll place the stop loss.

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