EGLD is Bullish??
You must heard about EGLD coin. This coin has potential for the long term but as you know the whole market is volatile that's why egld is down but you can make quick profit for sometime by doing long on egld.
Why do long only?
There are certain reasons for that:
1) Egld coin is respecting that blue colour trendline from more than a month and now that trendline is already broken. ✅
2) RSI showing oversold that's why I am seeing RSI bullish for sometime. ✅
3) The 45 Ma is going to give support after some candles.
4) Triangle that is of orange colour is already formed and ready to break.
Now first to conditions are already fulfilled we have to wait little bit to see if another 2 conditions have met than we can do long.
Strategy:
You can take your entry after the breakout of triangle. I'll wait sometime to secure my long position because it can be a takeout also so I suggest you to take entry on my given entry of price. Now there will be 2 TPs, 1 TP is before that red line resistance zone and 2nd at top of the parallel channel. The SL will be set below the triangle.
Clear Points:
Entry : 166 (100%)
TP 1 : 170 (50%)
TP 2 : 176 (50%)
SL : 161 (100%)
NOTE: Don't take trade if the breakout happens in downward direction.
Why do long only?
There are certain reasons for that:
1) Egld coin is respecting that blue colour trendline from more than a month and now that trendline is already broken. ✅
2) RSI showing oversold that's why I am seeing RSI bullish for sometime. ✅
3) The 45 Ma is going to give support after some candles.
4) Triangle that is of orange colour is already formed and ready to break.
Now first to conditions are already fulfilled we have to wait little bit to see if another 2 conditions have met than we can do long.
Strategy:
You can take your entry after the breakout of triangle. I'll wait sometime to secure my long position because it can be a takeout also so I suggest you to take entry on my given entry of price. Now there will be 2 TPs, 1 TP is before that red line resistance zone and 2nd at top of the parallel channel. The SL will be set below the triangle.
Clear Points:
Entry : 166 (100%)
TP 1 : 170 (50%)
TP 2 : 176 (50%)
SL : 161 (100%)
NOTE: Don't take trade if the breakout happens in downward direction.
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