EGLDUSDT Structural S/R|Swing High|Declining Volume|Price Action
Evening Traders,
Today’s analysis - EGLDUSDT- trading above Structural S/R where holding this level is considered bullish,
Points to consider,
- Price action impulsive
- Structural S/R Support
(.382 Fibonacci Confluence)
- Swing High Objective
- Declining Volume
EGLDUSDT’s immediate price action is trading at a key trade location that has technical confluence with the .382 Fibonacci, this allows for a bullish bias.
Swing High is the immediate objective, price action exceeding this level is indicative of trend continuation.
The volume profile is currently declining, this is indicative of an influx occurring, especially at key trade locations.
Overall, in my opinion, EGLDUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore
Today’s analysis - EGLDUSDT- trading above Structural S/R where holding this level is considered bullish,
Points to consider,
- Price action impulsive
- Structural S/R Support
(.382 Fibonacci Confluence)
- Swing High Objective
- Declining Volume
EGLDUSDT’s immediate price action is trading at a key trade location that has technical confluence with the .382 Fibonacci, this allows for a bullish bias.
Swing High is the immediate objective, price action exceeding this level is indicative of trend continuation.
The volume profile is currently declining, this is indicative of an influx occurring, especially at key trade locations.
Overall, in my opinion, EGLDUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore