MultiversXUpdated MultiversX (EGLD) fake bullish breakout, now seeks support
It was a fake breakout, afterall.
On September 28, I spotted a potential bullish breakout onEGLDUSD - which ended up being a bull trap, sending the prices downwards.
Right now, a two-month uptrend line is seeking support.
It had a brief deviation in the form of a daily wick, unclosed.
Again, this reflects the dominating bearish sentiment I see in my timeline, with bears getting very greedy. A breakout downward would intensify the negative sentiment and potentially fuel some panic selling.
Resist, and we remain on the same page.
Fundamentals are stronger than ever despite the PA, so I remain bullish in higher time frames.
Lower time frames are uncertain.
On September 28, I spotted a potential bullish breakout on
EGLDUSD - which ended up being a bull trap, sending the prices downwards.Right now, a two-month uptrend line is seeking support.
It had a brief deviation in the form of a daily wick, unclosed.
Again, this reflects the dominating bearish sentiment I see in my timeline, with bears getting very greedy. A breakout downward would intensify the negative sentiment and potentially fuel some panic selling.
Resist, and we remain on the same page.
Fundamentals are stronger than ever despite the PA, so I remain bullish in higher time frames.
Lower time frames are uncertain.
Note
Uptrend support line is holding strongly in the daily chart.
I expect one more test this weekend. If we confirm the week's candle above support, I'd be looking for opportunities to open a long position.
Trade active
This is the long opportunity I was waiting for (with a retracement down to sub-25/egld.
I think it's up from here. The support has shown remarkable strength.
NFA
Note
Momentum is growing again. Maybe there will be a breakout this time.
Not breaking out now would start to look very concerning, potentially eyeing a breakout downwards.
I plan to close my long if volume doesn't come in with a breakout in the following days.
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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.