$EGLD 6h: Analysis 📊
I expect a potential sweep lower towards 14.52, possibly even a quick liquidity grab below the most recent swing low, followed by a reversal if buyers step in decisively.
- If a bullish confirmation forms at or just below 14.52 (like a pin bar or engulfing candle, especially with bullish divergence on the 1h or 15m RSI), a long entry around 14.55-14.60 makes sense, targeting 14.81 first, then 16.29 if momentum continues. Place your stop-loss just below the swing low to minimize risk.
- If the price quickly rejects from 16.29 or 16.98 with strong bearish momentum, look for a lower high and confirmation on the 1h or 15m chart to enter short, targeting a move back toward 14.81 or 14.52.
- If price closes strongly above 16.29 on the 6h with volume, my bias would shift bullish toward a move to 16.98 and 17.56.