alanmasters
Long

Eidoo (EDOBTC) Gains Bullish Momentum (303% To ATH)

BINANCE:EDOBTC   Eidoo / Bitcoin
Eidoo ( EDOBTC ) is printing a very strong bullish candle on the daily time frame and is becoming very promising when looking at it longer-term... Let's start with the daily.

Chart:
  • Here we can see how EDOBTC started to move up steadily to finally reach a climax and produce today's breakout.
  • Volume going higher.
  • The RSI is very strong at 63.

Looking at the weekly time frame, the main chart above, we can look at primarily two scenarios:

  • When you have this type of bullish action, we know that a strong bullish wave will come next and we get the following pictures.

  • 1) Straight up and more up... This is done by most of the cryptocurrency markets when in bull run mode.
  • 2) Retrace and then straight up.

Whichever scenario happens, or a different one, trading can remain very simple and low risk if you have patience and can wait.

  • Just buy and wait until your targets are hit.
  • Use a stop-loss in case you get a different scenario (purple arrow), this way you are prepared for all outcomes and always know which action to take.
  • Think and act, never react.

This is not financial advice.

Namaste.
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