Evening Traders,
Today’s analysis – EGLDUSDT – trading above Local S/R where a respect is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(200 MA & .618 Fibonacci Confluence)
- Swing High Objective
- Oscillators Extended
- Volume Climax
EGLDUSDT’s immediate price action is impulsive at current Local S/R, this level has technical confluence with the .618 Fibonacci and 200 MA. Price Action has a high probability of respecting the level.
The Swing High is immediate objective, exceeding this level increases the probability of a trend continuation.
Both oscillators are trading in extended conditions; a reversion back to their mean is highly probable. There is a volume climax node, indicating a temporary bottom, bullish price action needs bullish volume follows through.
Overall, in my opinion, EGLDUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember!,
“In trading, everything works sometimes and nothing works always.”
Today’s analysis – EGLDUSDT – trading above Local S/R where a respect is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(200 MA & .618 Fibonacci Confluence)
- Swing High Objective
- Oscillators Extended
- Volume Climax
EGLDUSDT’s immediate price action is impulsive at current Local S/R, this level has technical confluence with the .618 Fibonacci and 200 MA. Price Action has a high probability of respecting the level.
The Swing High is immediate objective, exceeding this level increases the probability of a trend continuation.
Both oscillators are trading in extended conditions; a reversion back to their mean is highly probable. There is a volume climax node, indicating a temporary bottom, bullish price action needs bullish volume follows through.
Overall, in my opinion, EGLDUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember!,
“In trading, everything works sometimes and nothing works always.”
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.