EGLD entering Sell Zone
EGLD #Elrond entering the sell zone (red box) between $186-198 where the 21W EMA and the 200 day EMA are now, probably going back to touch the 50 day MA (curved red line) after getting rejected.The "buy box" (green box) is now between $140-$150.
The game here is simple:
- Buy in the green box
- Sell in the red box
- Stop loss at $132 (or 5% below your buy price)
- Potential average profit: +30%
- Potential loss: less than -10% if you set everything properly
Bull market support band (20W SMA, 21W EMA) are now around $189 and $226 respectively, meaning until we see at least a few candles closing above $226 this is still in a downtrend.
Probably getting a MACD bearish cross by the time we reach the vertical blue line and we could even see a double top around $199/$200.
Enjoy.
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