Long
EDO/ETH potential breakout trade
EDO is a token platform that has a vision to host ICOs via its wallet. It has been retracing for a while in ETH value and has seem to hit its bottom after bouncing up. Ignore the long wick recently as it was probably a bunch of stop losses being triggered by a whale to get rid of some weak hands. The MACD looks bullish and the RSI is steadily increasing without a sharp spike. All this is observed on the daily so we are talking about a long plan here. Once the trend is confirmed by breaking the 23.6% fib level at 0.00338 you can buy on breakout with a tight stop loss a little below the fib. The EDO/BTC chart does not look so promising due to the surge in BTC price but luckily there are tokens that are traded as ETH pairs and this is one that looks to be trend reversal to the upside.
Most breakout trades usually hit the 50% fib where it hits its first major resistance. You can take profits here just to be safe and have a re-buy set lower if you want or just sit and wait until it plays out. This project has very ambitious goals and already has a mobile wallet that is functional and working perfectly fine.
As always, do your own research! This is not financial advise and I am not a financial advisor! This is just a trade idea and it is always important not to invest more than you are willing to lose. Happy trading and good luck to all!
Most breakout trades usually hit the 50% fib where it hits its first major resistance. You can take profits here just to be safe and have a re-buy set lower if you want or just sit and wait until it plays out. This project has very ambitious goals and already has a mobile wallet that is functional and working perfectly fine.
As always, do your own research! This is not financial advise and I am not a financial advisor! This is just a trade idea and it is always important not to invest more than you are willing to lose. Happy trading and good luck to all!
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