Since the massive drop last weekend, EGLD has been seeing a prolonged period of consolidation. This period of consolidation formed an almost perfect triangle on the chart.
Classically, triangles end up with a climax (break out) towards one side, often accompanied by a lot of volume and volatility.
Since EGLD is nearing the end of the triangle, I'm expecting volatility soon. With the crypto (and stock-) market seeing a strong reversal at this point in time, it's expected that EGLD will break bullish. Wait for a big green candle to confirm the break out.
Targets placed at recent tops.
Happy trading!
Classically, triangles end up with a climax (break out) towards one side, often accompanied by a lot of volume and volatility.
Since EGLD is nearing the end of the triangle, I'm expecting volatility soon. With the crypto (and stock-) market seeing a strong reversal at this point in time, it's expected that EGLD will break bullish. Wait for a big green candle to confirm the break out.
Targets placed at recent tops.
Happy trading!
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