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.”
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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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.