#EGLDUSDT Sideways Channel ($50-65)
Trade setup: Trading in a Sideways Channel ($50-65). Price bounced off of $50 support zone with big volume, reaffirming the relevance of that support area for buyers. Now price is approaching the channel resistance trendline ~ $65. Swing trader: trade the channel (Enter near $50 support and Exit near $65 resistance). (set a price alert).
Pattern: Bullish Pennant - forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend: Neutral on Short-Term basis, Uptrend on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance: Nearest Support Zone is $50, then $40. The nearest Resistance Zone is $65, then $100.
Pattern: Bullish Pennant - forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend: Neutral on Short-Term basis, Uptrend on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance: Nearest Support Zone is $50, then $40. The nearest Resistance Zone is $65, then $100.
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