Long
Eidoo VS Bitcoin To Form Double Top
Eidoo seem to be forming a head and shoulders reversal pattern. The current support is clearly at 2100 satoshis, which also was a support back in the beginning of February. Now it could be the time when EDO/BTC is forming the right shoulder and if that is the case a correctional move down could take place.
Nevertheless, the trend now seems to be bullish and price could continue moving up without a correction. The upside target is seen at 727.2% Fibonacci retracement level that is a potential double top, near 5k satoshis area.
On the downside, it is unlikely that the downtrend will continue, although as has been already mention, a correctional move down is possible to complete the H&S pattern.
Nevertheless, the trend now seems to be bullish and price could continue moving up without a correction. The upside target is seen at 727.2% Fibonacci retracement level that is a potential double top, near 5k satoshis area.
On the downside, it is unlikely that the downtrend will continue, although as has been already mention, a correctional move down is possible to complete the H&S pattern.
Note
1900 sats could be a good entry point
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.