ANALYSIS 🔎
- EGLDUSDT was printing a falling wedge pattern.
- That was a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price then retraced for a retest of the falling wedge's resistance and 0.618 fibonacci retracement level.
- The retracement is resisted by the descending trendline resistance.
- Possible uptrend continuation.
BUY ENTRY ⬆️
- Aggressive entry (risky) : market price (now).
- Conservative entry : breakout above the descending trendline resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
- EGLDUSDT was printing a falling wedge pattern.
- That was a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price then retraced for a retest of the falling wedge's resistance and 0.618 fibonacci retracement level.
- The retracement is resisted by the descending trendline resistance.
- Possible uptrend continuation.
BUY ENTRY ⬆️
- Aggressive entry (risky) : market price (now).
- Conservative entry : breakout above the descending trendline resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.