EDG just saw a double bottom, following a huge price drop this week.
With a drop in price this big now we've had a double bottom, we expect a level of retracement now. If we retrace to the 0.382 fib line we are looking at at a 23% increase from here. 33% to the 0.5 line.
EDG suffered a huge drop this week following a 200 Ether theft through their Slack channel (some fool got fooled). Also they announced that their casino license is delayed. So bad news caused the drop, so no big bounce after the spring, though it certainly wouldn't surprise me if it retraced to the 0.786 back to where the support sprung, which would be a full 55% up from here!
Their beta product is allegedly being launched on 28th Sep, so we should now see a retracement.
With a drop in price this big now we've had a double bottom, we expect a level of retracement now. If we retrace to the 0.382 fib line we are looking at at a 23% increase from here. 33% to the 0.5 line.
EDG suffered a huge drop this week following a 200 Ether theft through their Slack channel (some fool got fooled). Also they announced that their casino license is delayed. So bad news caused the drop, so no big bounce after the spring, though it certainly wouldn't surprise me if it retraced to the 0.786 back to where the support sprung, which would be a full 55% up from here!
Their beta product is allegedly being launched on 28th Sep, so we should now see a retracement.
Trade closed: target reached:
Initial target of 23% reached. Taken profits. Holding some for the potential to hit the 0.5 retracement level or higher, looking strong here.