Trade Recommendation: Eidoo
The Eidoo/Bitcoin pair (EDO/BTC) showed signs of bullishness when it breached resistance of 0.0003 on December 29, 2017. The price action attracted momentum players who pushed the pair to as high as 0.0004999 on January 7, 2018. In about a week, the market grew by 66.63%. It was enough for those who bought the breakout to take profits.
As sellers flexed their muscles, the market fell to 0.0002812 on January 17. Bottom pickers bought the dip, but the momentum that they gathered was only good for a rally to reach 0.000374 on January 19. Noticing that a lower high was in place, participants started dumping positions. The pair created a series of lower highs and lower lows until recent events.
Technical analysis show that Eidoo/Bitcoin appears to have bottomed out at 0.0001552 on March 18. In addition, it seems to be creating firm support at 0.00019. In the last nine trading days, EDO/BTC has been printing extremely high volume while hovering above 0.00019. This tells us that bulls are establishing a base at this level.
The strategy is to buy as close to 0.00019 as possible. If the support holds, the market will likely use it to surge to our target of 0.00031. The process may take less than a month.
Daily Chart of Eidoo/Bitcoin on Binance
As of this writing, the Eidoo/Bitcoin pair is trading at 0.0002036 on Binance.
Summary of Strategy
Buy: As close to 0.00019 as possible.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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