Edgeless token found the support at 5600 satoshi and started to move higher, breaking above the 200 Moving Average and the very strong resistance formed at 13k satoshi. Higher highs and higher lows pattern started to emerge suggesting that EDG/BTC could be planning to continue rising.
After breaking the 13k satoshi resistance, the price went back and this time rejected this level, which is now acting as a support. The upside momentum is there and it is very likely that price will move higher towards previously formed high near 40k satoshi. To be precise, there is a very strong resistance at 37k satoshi confirmed by two Fibonacci retracement levels. First is 88.6% and second is 227.2%, applied to the last corrective wave down.
While the upside potential is there, Edgeless might take some time before moving higher and could even test the uptrend trendline and/or the 200 Moving Average once again. In any case, the buying opportunity is there and only break below the 5600 satoshi support could invalidate bullish outlook.
After breaking the 13k satoshi resistance, the price went back and this time rejected this level, which is now acting as a support. The upside momentum is there and it is very likely that price will move higher towards previously formed high near 40k satoshi. To be precise, there is a very strong resistance at 37k satoshi confirmed by two Fibonacci retracement levels. First is 88.6% and second is 227.2%, applied to the last corrective wave down.
While the upside potential is there, Edgeless might take some time before moving higher and could even test the uptrend trendline and/or the 200 Moving Average once again. In any case, the buying opportunity is there and only break below the 5600 satoshi support could invalidate bullish outlook.
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It has started
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Support rejected
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Edgeless going just as planned