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EDOBTC: Fading the Rally

CryptoRocket

Fig 1 - EDOBTC 60-min chart

Eidoo (ticker: EDO) is a swiss-based company formed with the goal to improve how people manage their assets, investing, in the blockchain world. Belonging to what is called decentralized finance (DeFi). The center of Eidoo's strategy lies in Eidoo's wallet. This is a multi-currency wallet optimized to interface the BTC and ETH blockchain and allows easy swapping of ERC20 and ERC223 tokens. It includes HD support, an ICO engine, and token recognition, and is available on both desktop and mobile platforms.

EDO his producing a repeated pattern over and over again. It creates large rallies against BTC that go as high as the 4th sigma of a linear regression channel. once there the upward move is faded almost completely, and most of the time it settles in the middle of the regression channel, as seen on the 60-min chart.

The current situation shows the beginning of a new leg up that started slightly below the mid-line of the channel. If the price moves past the +2 sigma line (blue) and heads toward the +4 sigma line (magenta) a trading plan could be made, by a short position if the price reached the +3 sigma line, with a stop above the +4 sigma and a profit-taking at the regression line. That setup will have a 3:1 Reward-to-risk ratio.

Main Levels

Short Entry: 0.000022

Stop-loss: 0.000023

Take profit: 0.0000197

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Source: https://www.cryptorocket.com/news/edobtc-fading-the-rally/
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