EgLD Egld. Been charting this for the last week. I am going to keep posting about it if you guys don’t mind as I want to show the process of how to actually prove a true confirmed breakout. Yes we can play small swings on a 15 min and sometimes get a great breakout and entry howverr big money big confirmations come in with true confirmations.
This is a 4 hour and daily chart. We can see that the daily candles have not yet closed above 147. We still only have wicks above but the daily body hasnt close above.
The 4 hour candles also show us price action broke out of symetrical triangle but price is still moving slowly with uncertainty with BTC. 4 hour candle closed above stmetrucal trinagle but no 4 hour candles have yet closed above 147 and we nownseem to be getting another rejection from this level.
This is proven from 4 hour rsi rolling over here slightly as well as the rejection candle as we see the last candle we have currently has a flat top with wick below. This shows price action couldn’t exceed the 147 and stopped directly below it. If we can get a body to close above and the following candle open above and close above. This will confirm that we have now held above it and can enter a long postion. As of now peice may resort back to symetrical triangle previous resiatnce line or uptrending support previously.
This line when strexhed out, intersects around 140.19 roughly.
We also can see wicks to 150 so could make a case this is turning into an ascending triangle. A Flat top with uptrending suppor. ( see photo 3 )
Ascending trinagle can be a bullish sign as flat top patterns are bullish showing buyers are in control, while flat bottoms are bearish
Sometimes when price stalls in a range, you as and analyst are required to go with the flow and fine the next possible outcome.
Conclusion
Uptrend support at 140$ resiatnce 150.81. Or 4 hour close above 147 as earlier entry
Target 168$ when closing above 151
Stoploss below 138 if playing ascending trinagke support.
Downside target if breakdown, 126$
