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EGLDUSDT Local S/R| Swing High| Price Action| 200 MA

Evening Traders,

Today’s analysis – EGLDUSDT – trading above Local S/R where a respect is probable,

Points to consider,
- Price Action Impulsive
- Local S/R Support
(200 MA & .618 Fibonacci Confluence)
- Swing High Objective
- Oscillators Extended
- Volume Climax

EGLDUSDT’s immediate price action is impulsive at current Local S/R, this level has technical confluence with the .618 Fibonacci and 200 MA. Price Action has a high probability of respecting the level.

The Swing High is immediate objective, exceeding this level increases the probability of a trend continuation.

Both oscillators are trading in extended conditions; a reversion back to their mean is highly probable. There is a volume climax node, indicating a temporary bottom, bullish price action needs bullish volume follows through.

Overall, in my opinion, EGLDUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work

And remember!,

“In trading, everything works sometimes and nothing works always.”

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