MultiversX (EGLD) fake bullish breakout, now seeks support

2024年10月3日

It was a fake breakout, afterall.

On September 28, I spotted a potential bullish breakout on EGLDUSD - which ended up being a bull trap, sending the prices downwards.

Right now, a two-month uptrend line is seeking support.
It had a brief deviation in the form of a daily wick, unclosed.

Again, this reflects the dominating bearish sentiment I see in my timeline, with bears getting very greedy. A breakout downward would intensify the negative sentiment and potentially fuel some panic selling.

Resist, and we remain on the same page.
Fundamentals are stronger than ever despite the PA, so I remain bullish in higher time frames.
Lower time frames are uncertain.

2024年10月5日

註釋

Uptrend support line is holding strongly in the daily chart.
I expect one more test this weekend. If we confirm the week's candle above support, I'd be looking for opportunities to open a long position.

2024年10月9日

交易進行

This is the long opportunity I was waiting for (with a retracement down to sub-25/egld.
I think it's up from here. The support has shown remarkable strength.
NFA

2024年10月18日

註釋

Momentum is growing again. Maybe there will be a breakout this time.
Not breaking out now would start to look very concerning, potentially eyeing a breakout downwards.
I plan to close my long if volume doesn't come in with a breakout in the following days.