Elrond Gold (EGLD) Grows Over 3000% In 163 Days; Round 2 NowElrond Gold (EGLDBTC) grew by 3081% if you start counting on the late March low all the way to the early September peak.
After the September peak, we had 76 days of correction before support was hit on Nov. 18.
We had ~5.4 months of bullish action followed by ~2.5 months of bearish action... A new bullish wave is about to start.
We can see that EGLDBTC retraced below all EMAs and also the 0.786 Fib. retracement level based on the last bullish wave.
Now, we are seeing a strong bullish candle that is pushing prices above EMA10, EMA21, and EMA50, with the RSI above 60; this all signals strength.
It is very likely that EGLDBTC will resume its bullish trend.
For how long will this new bullish wave go?
We don't know exactly, but just as this pair ended in a higher low, it is sure to print a higher high before this new wave is done.
If momentum is lost, the blue dashed line will work as support.
Namaste.
