SHORT EGLD/USDT! Incoming retest of lower support levels
The live Elrond price today is $101,74 USD with a 24-hour trading volume of $64.833.259 USD. Elrond is down 0.95% in the last 24 hours. The current CoinMarketCap ranking is #53, with a live market cap of $1.957.389.223 USD.
On 4h chart, RSI looks almost overbought and MACD is about to cross above the EMA, both signals of an expected decrease in price.
TRADE POSITION: SHORT
ENTRY PRICE: > $103.5
TARGETS: $93 (+10%) / $ 86-82 (+20%) / $ 74 (+28%) / $ 69 (+40%)
STOP LOSS: $120
The spotted entry level historically acted as a strong resistance, therefore after all the failed retests started on August 2nd, I now expect a price fall.
Moreover, Keltner channel historically acted as a good estimation of price swings and whenever the asset was close to its upper level, a pullback retesting the lower occured. This metric on both 4h and 1D charts has been used to determine targets.
Interesting fact that Fibonacci time zone indicator did an overall good job in predicting time zones of interests, in particolar levels where a major swing high or swing low occured.
The 8th Vertical line just crossed could result in another significant move to the dowside.
#staytunned
On 4h chart, RSI looks almost overbought and MACD is about to cross above the EMA, both signals of an expected decrease in price.
TRADE POSITION: SHORT
ENTRY PRICE: > $103.5
TARGETS: $93 (+10%) / $ 86-82 (+20%) / $ 74 (+28%) / $ 69 (+40%)
STOP LOSS: $120
The spotted entry level historically acted as a strong resistance, therefore after all the failed retests started on August 2nd, I now expect a price fall.
Moreover, Keltner channel historically acted as a good estimation of price swings and whenever the asset was close to its upper level, a pullback retesting the lower occured. This metric on both 4h and 1D charts has been used to determine targets.
Interesting fact that Fibonacci time zone indicator did an overall good job in predicting time zones of interests, in particolar levels where a major swing high or swing low occured.
The 8th Vertical line just crossed could result in another significant move to the dowside.
#staytunned