EGLD/USDT 8h (Binance Futures) Descending channel breakout
Updated
Elrond eGold is surely looking juicy here, preparing for a big move up I believe after that pullback.
As long as 50MA is holding and supporting the price we are good to go up!
Current Price= 8.158
Buy Entry= 8.191 - 7.729
Take Profit= 8.953 | 9.906 | 10.96
Stop Loss= 6.967
Risk/Reward= 1:1 | 1:1.96 | 1:3.02
Expected Profit= +12.47% | +24.45% | +37.69%
Possible Loss= -12.47%
Fib. Retracement= 0.382 | 0.5 | 0.681
Margin Leverage= 1x
Estimated Gain-time= 480h
As long as 50MA is holding and supporting the price we are good to go up!
Current Price= 8.158
Buy Entry= 8.191 - 7.729
Take Profit= 8.953 | 9.906 | 10.96
Stop Loss= 6.967
Risk/Reward= 1:1 | 1:1.96 | 1:3.02
Expected Profit= +12.47% | +24.45% | +37.69%
Possible Loss= -12.47%
Fib. Retracement= 0.382 | 0.5 | 0.681
Margin Leverage= 1x
Estimated Gain-time= 480h
Trade active
All entries filled last weekThen price dipped even more than I expected, breaking down the parallel channel and forming a symmetrical triangle.
Luckily, support held and channel was broken up again, we can also see a descending channel break.out on the RSI!
This is quite bullish to me, I recommend you to stick to your long, but you can reduce your position now at BE (Break Even) if you averaged too much.
Note
After a fake-out, we are back inside the triangleBinance just announced #ElrondEGold Savings up to 10% APY (Annual Percentage Yield) and may have saved our ass 😅
I drew that orange TL (Trend Line) yesterday which is acting as support so far.
But a last retest would trigger our SL (Stop Loss) so let's hope it was the last wick down!
RSI (Relative Strength Index) looks like a break-out and pull-back to me so I suppose we are good to go up now.
Trade closed: target reached
At last TP1 hit with +12.47% (1x)That was about time, so glad I stuck to it, it was hard but patience paid off! 🥳
It seems like #ElrondEGold really broke-out and I believe higher targets will be reached later this week or the next.
Trade closed: target reached
TP3 reached with +37.69% (1x)Elrond eGold made it, all targets achieved now, enjoy that big profit!
It truly was worth it, even after a hard beginning, patience paid off.
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