$EGLD 1H level broke through EMA20 (4.291) with increased volume in the early morning and is currently in a healthy retracement confirmation phase. The 4H level is still in a range, but the latest 4H bullish candle is full-bodied, with the buying ratio rising to 0.63, indicating strong willingness from the main force to support the price. The price is holding firm above 4.33, and the OI remains stable, indicating this is not a short squeeze, which is a typical accumulation structure.
🎯 Direction: Long
🎯 Entry/Order: 4.332 - 4.338 (Reason: Retracement to 1H EMA20 support area, combined with dense buy orders at this price level)
🛑 Stop Loss: 4.300 (Reason: Break below the previous 1H candle low and key integer level)
🚀 Target 1: 4.428 (Reason: Previous high resistance, also the first target after the 1H breakout)
🚀 Target 2: 4.500 (Reason: Previous high resistance at the 4H level and psychological level)
🛡️ Trade Management:
- Position Recommendation: Standard position (Reason: 1H structure is clear, stop loss range is defined, risk-reward ratio > 1.5)
- Execution Strategy: After the price reaches Target 1, reduce position by 50% to lock in profits, and move the remaining position's stop loss up to the entry price of 4.338 (breakeven). If the price cannot hold above 4.338 and drops again, exit completely.
Deep Logic: Market logic suggests price increase, combined with stable OI rather than decline, indicating the main bullish force is entering rather than shorts covering. The 1H RSI (59.38) is in a healthy strong area, with upside potential. Market depth shows buy orders (bid) significantly thicker than sell orders (ask), with depth imbalance reaching 5.65%, and strong support below. The current price is close to the best ask, and after breaking 4.34, the selling pressure above is lighter, likely to rise quickly.
Check real-time market 👇 $EGLD
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