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.
Kommentera:
1900 sats could be a good entry point
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