EGLD/USDT 8h (Binance Futures) Descending channel breakout
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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Related publications
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.