OpenBlock

Edgeless VS Bitcoin Uptrend Confirmation

Long
BITTREX:EDGBTC   Edgeware / Bitcoin
Edgeless coin seem to have formed a strong bottom at 6.5k satoshis area. This level has been rejected multiple times, starting back in October 2017. Today EDG / BTC showing that there might be a strong growth potential, although a confirmation of that would be required.

There is minor resistance formed at 7227 satoshis. Daily break and close above that level would confirm the downtrend trendline as well as 50 Moving Average breakout. Such price action could be considered as a confirmation of either a correctional move up, or even as a beginning of a long term uptrend continuation. The first strong resistance is seen at 13.5k satoshis area, that is near 38.2% Fibonacci retracement level. Break above it should be a confirmation of the long term uptrend.

On a downside, only break and close below the 6k psychological support, which is the recent lowest low, would invalidate bullish outlook.

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