Hello folks! Almost a week ago, I've shared with you my view on this pair (it was around $8.8) and I've mentioned that we are about to start forming higher highs and higher lows. Now, here we are, around $12.7 with such a strong breakout on daily.
This analyze is on daily, so DO NOT shake out at price corrections on lower timeframes!
SUPPORT:
- $12.2 (target that in September acted as support, rejected and, when broke, it lasted untill now)
- $10.4 (this price was resistance on a price range for 2 months (while eGLD was sideways); furthermore, around this target ($10.6) is a 32.8 fibo retracement level)
- $8.6 (middle of the sideways range)
RESISTANCE
- $13.4 (this one is actually a resistance on weekly chart, but given the fact that there are no significant resistances above this level on weekly, makes it important; a close above it on W takes eGLD toward ATH);
- $15 (acted as resistance in September and when rejected, price went straight down; also, it can be a 61.8 fib extension level, considering $6 as the lowest price (19th Oct), today's high ($13.5) as peak and $10.4 as a possible correction);
- $17.7 (3 candles ranged around this level; even so, it's not such an important resistance, but it worths to be mentioned);
I've also drawn an Elliott W. scenario, but you have to readjust the first wave in case that it keeps pumping! (obviously, from another point of view, this could also be the 3rd wave)
IMPORTANT: Please, keep in mind, that every target specified above, IS NOT AN EXACT PRICE, so take it rather as a narrow range!
Stay safe
This is not financial advice!
This analyze is on daily, so DO NOT shake out at price corrections on lower timeframes!
SUPPORT:
- $12.2 (target that in September acted as support, rejected and, when broke, it lasted untill now)
- $10.4 (this price was resistance on a price range for 2 months (while eGLD was sideways); furthermore, around this target ($10.6) is a 32.8 fibo retracement level)
- $8.6 (middle of the sideways range)
RESISTANCE
- $13.4 (this one is actually a resistance on weekly chart, but given the fact that there are no significant resistances above this level on weekly, makes it important; a close above it on W takes eGLD toward ATH);
- $15 (acted as resistance in September and when rejected, price went straight down; also, it can be a 61.8 fib extension level, considering $6 as the lowest price (19th Oct), today's high ($13.5) as peak and $10.4 as a possible correction);
- $17.7 (3 candles ranged around this level; even so, it's not such an important resistance, but it worths to be mentioned);
I've also drawn an Elliott W. scenario, but you have to readjust the first wave in case that it keeps pumping! (obviously, from another point of view, this could also be the 3rd wave)
IMPORTANT: Please, keep in mind, that every target specified above, IS NOT AN EXACT PRICE, so take it rather as a narrow range!
Stay safe
This is not financial advice!