Hello traders 🐺 .
this I a very short idea about EGLD because in the higher time frame such as weekly or daily honestly I can't find an interesting chart pattern so I decided to look for patterns in the smaller time frame ; so let's dive into the chart :
in the chart above you can see EGLD created very nice and perfect flag pattern which is very tradable because usually flag pattern is very easily to find and if you have enough knowledge about trading rules and trading strategy it could be very interesting ; however let's talk about the chart :
in the chart price already testing 0.618 Fibonacci level and it seems price trying to found bottom around this level because it's very look like a double bottom pattern but if price unable to hold above 0.618 the next support level is at 0.786 Fibonacci level , so don't rush into the market and wait for the confirmation signs and make sure that you find the real price bottom .
but let's talk about the price targets :
it's to early to talk about the price targets because already I nor sure enough that this is a price bottom but we can assume that this is price bottom and calculate the price target based on that :
usually the technical target of the flag is at 1.0 Fibonacci projection level but as you can see the 0.618 is around all time high price so could be a resistance price area .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
this I a very short idea about EGLD because in the higher time frame such as weekly or daily honestly I can't find an interesting chart pattern so I decided to look for patterns in the smaller time frame ; so let's dive into the chart :
in the chart above you can see EGLD created very nice and perfect flag pattern which is very tradable because usually flag pattern is very easily to find and if you have enough knowledge about trading rules and trading strategy it could be very interesting ; however let's talk about the chart :
in the chart price already testing 0.618 Fibonacci level and it seems price trying to found bottom around this level because it's very look like a double bottom pattern but if price unable to hold above 0.618 the next support level is at 0.786 Fibonacci level , so don't rush into the market and wait for the confirmation signs and make sure that you find the real price bottom .
but let's talk about the price targets :
it's to early to talk about the price targets because already I nor sure enough that this is a price bottom but we can assume that this is price bottom and calculate the price target based on that :
usually the technical target of the flag is at 1.0 Fibonacci projection level but as you can see the 0.618 is around all time high price so could be a resistance price area .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺