EGLD - Some Coins Will Win, Some Coins Will DieEGLD
Scrolling through Chat, this is another coin mentioned that Goliath either has bought or thinking to buy...
This coin is one that has higher risk of death.
Again this TA is on the 2 week chart, but notice that there is no bullish hammer as with ONDO, but only continuation of a very steep downtrend:
Notice the high volatility whipsaw of the last bounce; its a retracement Golden Window failure.
From there the trend has accelerated to the downside and that whipsaw appears to complete a 3 wave correction.
That 3 wave correction appears to be a continuation pattern that connects the high time frame bear market downtrend form 2021 peak into the next wave down which began at the aforementioned whipsaw.
...
On that basis we can use our ratio tools to project the depth of the current downtrend.
So taking the extremities of the bear market as the first two pivots and the upper extremity of the continuation pattern as the third, will provide us with a correct "trend based fib-extension."
Considering possible extension Golden Windows, this should not stop at the 1:0.618 Golden Window because that is a weak ratio that only occurs in a weakening downtrend.
But as you can see on the chart, the trend is picking up pace in in this current wave down.
So the minimum extension it will likely get to will be the 1:1 @$3.1.
That would be a 76% haircut from current price and actually 95% loss from the whipsaw peak.
In addition, if the trend does not shallow out and maintains this pace then more likely it will get to the 1:1.618 @ $0.42 before the next high time frame correction / reversal.
...
This chart signals that this is a coin that may well maintain a perpetual bear market this cycle.
It will be interesting to see what some of these ultra bearish charts do if crypto has a next wave up.
If EGLD did somehow print a strong high time frame whipsawing bullish candle, then that could signal a selling climax into the start of a recovery.
But it does appear that we may be passing through one of those moments that the winners are printing those bullish candles.
And EGLD did not print one.
...
This is a very dangerous game and these coins are constantly shifting gear.
Some coins will perform well for a time and become very dangerous later on and vice versa...
Some will be winners but others will die - just like MASK, LUNA etc 🤨.
Not advice
