bearish continuation pattern or trend is about to change ?
Hello traders 🐺 .
In the chart above we can see two different probable scenario for the EGLD , but in my opinion because of the market situation there is more chance to break the triangle toward the upside and touch the bullish price target ; because as you can see RSI is trying to goes above the 50 and change the mode of the price to the bullish .
the first resistance for the price is around the daily descending channel but if price break above it , we could expect to test the 0.786 Fibonacci level .
if EGLD break this triangle toward the downside the first support level is around the previous low and if bears succeed to push the price lower we can expect another retest of the lower trend line of the channel .
Good luck my friends 😉🐺 .
In the chart above we can see two different probable scenario for the EGLD , but in my opinion because of the market situation there is more chance to break the triangle toward the upside and touch the bullish price target ; because as you can see RSI is trying to goes above the 50 and change the mode of the price to the bullish .
the first resistance for the price is around the daily descending channel but if price break above it , we could expect to test the 0.786 Fibonacci level .
if EGLD break this triangle toward the downside the first support level is around the previous low and if bears succeed to push the price lower we can expect another retest of the lower trend line of the channel .
Good luck my friends 😉🐺 .