Grave/best buy zone for EGLD.EGLD is on a huge downtrend but it is getting a major fib level as well and it's a bit undervalued from past months.
157-usdt can be a good buy from short-term profits or a relief rally.
EGLDUSDT trade ideas
#EGLD/USDT | 4HR | TREND REVERSALMACD and RSI are showing signs of FALLING WEDGE REVERSAL.
*just an idea do your research before investing.
💡Don't miss the great buy opportunity in EGLDUSD @ElrondNetwork
Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (245.69).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EGLDUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 57
Take Profits:
TP1= @ 265.92
TP2= @ 284.29
TP3= @ 298.32
TP4= @ 314.00
TP5= @ 330.26
SL= Break below S2
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💡Don't miss the great buy opportunity in EGLDUSD @ElrondNetworkTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (286.85).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EGLDUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 74.
Take Profits:
TP1= @ 330. 01
TP2= @ 369. 40
TP3= @ 422.45
TP4= @ 468.33
TP5= @ 542.50
SL= Break below S2
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What is Dounle Bottom Pattern?What is Double Bottom Pattern?
The double bottom pattern looks like the letter "W". It indicates an trend and momentum reversal in a particular asset. It is best for analyzing the intermediate to longer-term view of a market. Double Bottom Pattern one of the most reliable reversal pattern after Head and Shoulders Pattern.
How does Double Bottom Pattern Work?
Double Bottom Pattern works in two phases:
Phase 1:
When the major trend is downtrend and forms the first down peak, then from the support the prices bounce to a new higher resistance and unable to break that resistance.
Phase 2:
When prices are not able to break the resistance it again goes to the same level and take support form similar levels forming second down peak also double bottom . Again due to demand the prices rises up to the resistance and break that resistance. Increase in volumes during breakouts further confirms the reversal move. This marks the completion of the pattern.
Above Chart Explanation:
This is the daily chart of EGLDUSDT here we can see in a downtrend prices take support and forms a down peak one and took support form there and bounce back to the above resistance. But prices were not able to break it instead prices got rejection from resistance and the prices again go down forming second down peak. After taking support prices bounces and break resistance due to heavy demand with great volumes.
Usually traders enter on the breakouts and target the next resistance.
Conclusion:
Hence, the Double Bottom Pattern is great reversal pattern after Head and Shoulders Pattern. And it occurs quite often. Most of the traders use it on large time frames like 1D, 1W, 1M.
Please let me know in the comments what do you think about Double Bottom Chart Pattern!
Disclaimer:
This is just an educational post never trade just any pattern. And please do your research before taking any trades.
PS: We are publishing this for our Indian Audience again!
Happy Trading !
💡Don't miss the great buy opportunity in EGLDUSD @ElrondNetwork
Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (110.90).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EGLDUSD is in an uptrend, and the continuation of the uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 77
Take Profits:
TP1= @ 121.73
TP2= @ 139.58
TP3= @ 154.86
TP4= @ 172.77
TP5= @ 204.95
SL= Break below S2
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💡Don't miss the great buy opportunity in EGLDUSD @ElrondNetworkTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (161.95).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EGLDUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 43.
Take Profits:
TP1= @ 175.10
TP2= @ 204.85
TP3= @ 244.50
TP4= @ 283.75
TP5= @ 373.20
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
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ForecastCity English Support Team ❤️
Elrond just need to break that levelKeep a watch on this just ready to make another big move just buy its now or never uh will regret if ignored this kinda apportunity
Don't miss the great bUY opportunity in EGLDUSDT @ eGold
Trading suggestion:
. There is a possibility of temporary retracement to 215$ or support trendline.
. traders can set orders based on Price Action and expect to reach short & long term targets.
Technical analysis:
. eGold is in a uptrend and the continuation of uptrend is expected.
. The price is above 215/234$ (Buy levels) leads more upside.
Take Profits:
TP1= 294$
TP2= 342$
tp3= 420$
SL = 165$
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. . . Please show your support back,
. . . . Hit the ?? LIKE button,
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Your Support is very much ?? appreciated!
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Wish you happy Trade
KITE crypto! (Free Telgram)
EGLD/USDT ON DAILY CHARTAlong with ETH & BNB COIN, we also posted about EGLD forming same bullish continuation pattern on daily time frame. Target achieved. Halley trading.
EGLD ON DAILY CHARTEGLD/USDT half way through. We shared this analysis few days ago. Holding it strong.
EGLD/USDT ON HOURLY CHARTEGLD/USDT has formed Bullish pennant & also broken the trendline with increase in volume. Look for long opportunity. Trade safe.
EGLD/USDTA simple but elegant pattern formation of BULLISH Ascending Triangle can be seen in EGLD/USDT. The price can really light up and surge to the upside lvls as mentioned in th chart (*in green*) but if failed then the price can be dragged down the the lvls as mentioned in the chart (*in red*). Although, BTC/USDT is showing a lower side if it happens to hold the current lvls then it can help move the price of ALT's to the upside.
Targets :- 162 -> 175 -> 188 -> 200++
SL :- 135
DISCALIMER : I am not a Financial Advisor, this chart is just for educational purposes only (DYOR).
BINANCE:EGLDUSDT
💡It's a great buy opportunity in EGLDUSDT @ElrondNetworkTrading suggestion:
. There is a possibility of temporary retracement to the suggested support line (129.90).
. If so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EGLDUSDT is in an uptrend, and the continuation of the uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 62.66.
Take Profits:
TP1= @ 166.70
TP2= @ 178.85
TP3= @ 188.60
TP4= @ 212.15
TP5= @ 268.85
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
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💡 Don't miss the great buy opportunity in EGLDUSDTTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (136.7). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EGLDUSDT is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 187.90
TP2= @ 217.40
TP3= @ 238.70
TP4= @ 272.55
TP5= @ 313.50
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
