EDO technical analysis

EDO seen from the temporality of 1W we can see how the structure of candles has remained within a parallel channel bassist, marked within the graph with the blue figure, currently the price has made us a range in the area of weekly demand located in the 0.00003177, marked on the graph by the horizontal lower black forming the first HL, we need the closing of this candle is strong to go for the test of the neck line located at 0.00005006, if this scenario occurs, the possibilities of a next upward movement increase and we could see the price go in search of our second target located within the price range of 0.00009506 – 0.00010888, indicated in the chart above by the two upper horizontal black color.

EDO seen from the temporality of 1D we can observe more closely the current movement of candles where we see as the price after the recession is maintaining an excellent movement a series of HL that should push the price towards the zone of offer of the line of neck located in the 0.00005006, within the chart above I have marked through the two blue diagonals the possible scenario that we could see in the coming days, the resistance is not yet confirmed, however, this type of figures are very common within these moments of the trend and we must take it into account and wait for confirmation once the price goes up to test the high range.

In conclusion, EDO is at a good time to go in search of an upward movement towards our first profit target located at 0.00005006, if this happens, we could see the price go back to form a new HL that would be the important signal to go in search of our second profit target located within the price range of 0.00009506 – 0.00010888, the price should be kept above the diagonal support we see on the blue 1D chart, otherwise, the price could fall even further, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place your stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

About the author: luis garcia
Technical Market Analyst Crypto trader

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