Around two weeks ago I made an analysis on EGLD and the long-term channel it was trading in. Here I argued that we’d most likely see more bearish pressure in the short-term and that we’d find support at the long-term bullish support line on the bottom of the pattern.

Seeing today’s big green candle, I think we correctly called the reversal area. For now, I think we’re likely going to trade bullish until we reach the previous double top area around $200. Unclear what will happen after that. If BTC will continue to trade bullish we might finally take a shot at $300 or more.

Happy trading!