Edgeless - Downside Target Reached, And Rejected
Updated
Edgeless has been slowly moving downwards for the past few months. It declined from 23.5k satoshi down to the 8k satoshi level, losing 66% to the Bitcoin. Fibonacci applied to the uptrend trendline breaking point shows that EDG/BTC reached and rejected the final downside target at 0% Fibonacci, that is 8k satoshi level.
This is a strong support for Edgeless and price could potentially reverse to the upside from this point. Consolidation is possible and even spikes below the support. The confirmation of the reversal could be the break above the descending channel which should push price towards 16k satoshi resistance. If the resistance is broken a longer-term uptrend might be on its' way.
This is a strong support for Edgeless and price could potentially reverse to the upside from this point. Consolidation is possible and even spikes below the support. The confirmation of the reversal could be the break above the descending channel which should push price towards 16k satoshi resistance. If the resistance is broken a longer-term uptrend might be on its' way.
Note
descending channel still not broken, break above 12k satoshi is required
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