Coin Name :$EGLD
Trade Type : long / Short [Depends on breakout or break through]
📊 EGLD Analysis on 4-Hour Chart:
Symmetrical Triangle Formation: EGLD is currently forming a symmetrical triangle. If it breaks out above the trendline, we could see a massive 30% pump in price.
BTC Dominance Insight: BTC dominance has formed an ascending triangle, a bullish indicator. Paired with RSI support, it hints at a strong market movement. However, if dominance breaks through the RSI support trendline, we may see a reversal, creating an ideal opportunity for long entries.
📉 Risk Factors to Consider:
Bitcoin's Descending Triangle: BTC has formed a bearish descending triangle, signaling a possible big dump if the pattern plays out.
Symmetrical Triangle Ambiguity: While symmetrical triangles are neutral, they can break in either direction, adding a layer of uncertainty.
Liquidation Heat Map Analysis: The 48-hour liquidation heat map shows a significant amount of liquidity below the current price point, which makes EGLD 80% bearish based on current market trends.
Liquidation Heat Map
💡 Action Plan:
Watch for key breakouts and retests on EGLD and BTC dominance.
Be cautious of potential BTC-driven market dumps, as they could influence EGLD's movement.
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