Chibuike_Odoh

EGLDUSDT (EGLD) - POTENTIAL BUY ENTRY

Long
BINANCE:EGLDUSDT   EGLD / TetherUS
ANALYSIS πŸ”Ž
- EGLDUSDT was printing a falling wedge pattern.
- That was a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price then retraced for a retest of the falling wedge's resistance and 0.618 fibonacci retracement level.
- The retracement is resisted by the descending trendline resistance.
- Possible uptrend continuation.

BUY ENTRY ⬆️
- Aggressive entry (risky) : market price (now).
- Conservative entry : breakout above the descending trendline resistance.

TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.

Comments

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