So, have a look at my EGLD vs BTC idea linked below? We reached 0.618 retracement there, finally.
And in this chart vs USD, we have reached the lower line of the long ascending channel. The wedge broke to the downside, but there are many cases of this type of breakout where people panic sell and then it stays sideways for few more bars and come back up fast. A pure fake-out scenario.
As per targets:
I am showing here the fib extension levels since previous macro low. If i would show as well the retracement from previous high, you would see that there is a confluence in 295 $, the middle of the ascending channel (the 0.618 of retracement). I think that is the minimum that we can expect, and then there EGLD will need to take a direction. Either cat and bounce scenario and the bear market starts, or the 2022 MASSIVE rally continues.
I know today is difficult to accept this could happen with all markets in super red, but i only look at what happened other times.
Fear is the best zone to buy.
And in this chart vs USD, we have reached the lower line of the long ascending channel. The wedge broke to the downside, but there are many cases of this type of breakout where people panic sell and then it stays sideways for few more bars and come back up fast. A pure fake-out scenario.
As per targets:
I am showing here the fib extension levels since previous macro low. If i would show as well the retracement from previous high, you would see that there is a confluence in 295 $, the middle of the ascending channel (the 0.618 of retracement). I think that is the minimum that we can expect, and then there EGLD will need to take a direction. Either cat and bounce scenario and the bear market starts, or the 2022 MASSIVE rally continues.
I know today is difficult to accept this could happen with all markets in super red, but i only look at what happened other times.
Fear is the best zone to buy.
