💎 EGLD has become a standout in the market, recently achieving a breakthrough past a key resistance area. In the Lower Time Frame (LTF), the chart indicates a valid breakout and EGLD is now entering a crucial retesting phase. This phase could pave the way for a substantial upward movement, with our next target being the bearish OB area.
💎 During this retesting phase, it's essential for EGLD to demonstrate a strong bounce from the current support area, which was previously a resistance zone. This bounce is necessary to mitigate the risk of a false breakout.
💎 Failure to rebound and a closure below the current level could signal a false breakout. Such a scenario would likely reverse EGLD's trajectory, potentially leading it to a downward trend towards the next lower target, the demand area.
Trade closed: target reached
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Bingo! #EGLD is dancing to our tune, up 43.98% just like we predicted.