Eidoo has been steadily declining since the end of April when price has reached 3143 satoshis high. Since then EDO already lost to BTC over 50% and it seems that the downside momentum hasn't ended yet.
EDO/BTC has formed a strong resistance at 1655 satoshis, that has been rejected multiple times, with the latest bounce occurred on the 7th of July. Price continues to move down within the descending channel and could be heading towards the lower trendline.
Fibonacci applied to the First corrective wave of the descending channel shows that the strong support is located at 1180 satoshis, that is 327.2% Fibs. This could be the first downside target for Eidoo, but if broken, next support is seen at 1000 satoshis psychological level.
All-in-all the support area is between 1180 and 1000 satoshis where the downtrend could be ending. But at the same time the upside reversal could be the case, but only if price manages to break above the 1655 satoshis resistance.
EDO/BTC has formed a strong resistance at 1655 satoshis, that has been rejected multiple times, with the latest bounce occurred on the 7th of July. Price continues to move down within the descending channel and could be heading towards the lower trendline.
Fibonacci applied to the First corrective wave of the descending channel shows that the strong support is located at 1180 satoshis, that is 327.2% Fibs. This could be the first downside target for Eidoo, but if broken, next support is seen at 1000 satoshis psychological level.
All-in-all the support area is between 1180 and 1000 satoshis where the downtrend could be ending. But at the same time the upside reversal could be the case, but only if price manages to break above the 1655 satoshis resistance.
Trade closed: target reached