A while ago I made an analysis on EGLD and the bullish channel it has been trading in. In my previous analysis I talked about the importance of the $200 resistance, I expected some profit taking to occur there.

Around two weeks later we can clearly see that the $200 resistance was watched my a multitude of traders and that short-term profits have been taken.

For now, we’re right in between an important resistance and support. In case we drop further towards the channel’s support I’d be looking for potential entries. Keep an eye out on the overall market conditions.

Happy trading!