jdharward
Long

EDOUSD Update - Cup + Handle $2 target

BINANCE:EDOUSD   Eidoo / US Dollar (calculated by TradingView)
Targets $1.80 to $2.63

BTC's fiery rise and fall at the end of June delayed Alt season for some coins.

In the case of EDO, by about 2 weeks or so.

Price along trend line progression has become a cup and handle formation.

What to look at:

Do you see the thick orange line (top line) and the thick blue line?

When the blue line crosses above the orange line, that's hugely bullish and will likely be the catalyst for breakout.

The price closing above the orange line will confirm price action.

Fib time frames allow us to predict the likely time frame.

This is probably going to happen sometime between July 12 and 15.


(Not shown) multiple indicators at or approaching oversold levels.

Targets are marked at the 1.618 and 2.618 lines with middle yellow target representing the Cup+Handle breakout point - $2 to $2.20.

Eidoo loves to throw wicks so I wouldn't be entirely surprised to see it reach the 2.618 or $2.63 area.

Either way, expecting a 100% gain from current price.

Stop Loss $.75
Comment: Also, Eidoo's twitter feed has been active the last couple weeks from the founder giving presentations at some crypto event in Rome, followed by subtle recommendations to "HODL" and then there's this:

They are planning "something interesting"

https://twitter.com/eidoo_io/status/1146...

As always in crypto, buy the rumor, sell the news.
Comment: So here's a sort of zoomed in and explanation of my logic from a TA point of view.

The blue line was rejected upon BTC's surge to 13,800.

As the blue line rounds out the handle (we hope) and crosses the orange (long term) trend line, the price becomes bullish but only if confirmed with volume.

Fib retrace and advancement lines and measurement from the bottom of the cup are used to predict targets in this formation.

Confirmation of the trend will be the lower red lines flowing over the orange river.

Check out the martin momentum indicator, it's a neat tool to have.

If you see my other ideas, I'm also calling for short BTC based on the logic of a trade war truce between the US/China will (temporarily) halt BTC's growth and flow in to altcoins.

Perhaps positive 'news' or more likely, news of news? ha will be released.

Comment: Forgot to talk about the Gann.

If the price crosses over the 2/1 line, that is bullish from a magical TA point of view.

So what I've done in this chart is applied various forms of fibbonacci and geometry in an effort to pinpoint the path of a breakout.

Now, there are no guarantees and this little trick works far better in the legitmate stock market.

Eidoo suffers from low volume with sudden gigantic pumps along a general trend.

I would check back around July 11-12 and see it's at.

Would be really need it it broke out on July 12 or +/- two days :)
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