EGLDUSDT: Breakout Imminent or Breakdown Risk?Yello, Paradisers! Is EGLDUSDT gearing up for a big breakout or are we in for another setback? Let’s dive into the technicals to see what's at play.
💎EGLDUSDT has recently formed a descending triangle pattern accompanied by bullish divergence, showing promising signs with a W-shaped bounce from the support zone. But here’s the key: if EGLDUSDT can break above the resistance trendline of this descending triangle and breach the immediate resistance zone, the probability of a significant bullish move rises sharply.
💎However, we can’t ignore the possibility of a retracement. In such a case, it’s wise to watch for a bounce from the support zone. To confirm this potential move, keep an eye out for a bullish I-CHoCH (internal change of character) in lower time frames—this will increase the odds in our favor. It’s also essential to monitor BTC’s price action for added context and better strategic decisions.
💎On the flip side, should the price break down and closes candle below the support zone, it would invalidate our bullish thesis. In this scenario, patience is key—it’s best to step back and wait for clearer price action before re-entering.
🎖 Remember, disciplined analysis and strategy make all the difference. Stay sharp, Paradisers!
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