EGLD Path to Gains
EGLD is showing signs of a potential bullish reversal after a recent retracement, and the double bottom structure is giving us some strong clues. So far, price action is leaning bullish, but let’s not get ahead of ourselves — key confirmation levels still need to hold!
EGLD has successfully broken through a key resistance trendline, which was previously capping upward moves. This breakout is a positive sign for bulls. We’ve spotted a bullish CHoCH on the chart. This is a solid early indicator that momentum may be shifting to the upside.
EGLD is giving us some good signals for a bullish move, but don’t rush in blindly. We need to see follow-through at key levels to confirm this breakout. If the market pulls back further, patience will be essential.
In case of another retracement or panic selling, we’ll be looking for EGLD to bounce from the support zone Pink at $29.67 – $28.53. But here’s the critical part — we need to see another bullish CHoCH at this level to reinforce the bullish narrative. Without it, this whole setup could crumble.
If EGLD fails to hold that support zone Pink and closes a candle below it, that’s our warning sign to step aside. At that point, it’s better to wait for a fresh bullish structure to form rather than trying to catch a falling knife.