The_MATE

EGLD analysis from 4HR to 30min time frame

BINANCE:EGLDUSDT   EGLD / TetherUS
BINANCE:EGLDUSDT

Hello my friends! This is MATE, a team dedicated to develop indicators and auto trading robot.
Let's have an analysis for EGLD .
I'll do the analysis from large time frame to small time frame, and try to find out what happened to EGLD recently.

4HR time frame:
As the figure above, we can see that there was an OBV top divergence (also overbought in LS_AUX indicator), which leads to the price dropped.
After that, it got supported by the strongsupport zone (also oversold in LS_AUX), and entered the consolidation mode.

30min time frame:
In this time frame, we can see that it always rebounds when LS_Main and LS_AUX enter the overbought/oversold zone.
We can't sure which direction EGLD might go in the future. However, there are still something we konw.
(1) there is a strong support zone at around $232.5. It's hard to break through the support zone .
(2) there is a resistance line in 30min time frame.

In my opinion,
EGLD is more likely to rise and break through the resistance line due to the following reasons,
(1) Through consolidation, EGLD has left the overbought zone, which gives it the power to continue to rise.
(2) the support zone is plotted in 1-day time frame, which is more stronger than the resistance line plotted in 30min time frame.


I would be glad if you share your opinion and hit the like button!
If you like my analysis, you can follow me to see my analysis at once.
Attention: this isn't financial advice, we are just trying to help people understanding how to analyze with technical indicators.






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.