Analysis of EGOLD/Tether Pair on Binance (1W Timeframe)
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The chart illustrates the price action of EGOLD against Tether on the Binance platform, observed on a weekly timeframe.
Observations:
Historically, EGOLD experienced a significant rally reaching an all-time high (ATH) near the $545.25 level. Following this, there was a retracement with the price finding support around the $50 mark.
The Fibonacci retracement levels are distinctly marked, highlighting potential resistance and support areas. The price is currently in proximity to the 0.236 level, valued at approximately $126.55.
A descending trendline is evident. A bullish reversal would necessitate a definitive break above this line.
The chart includes the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators. Currently, the RSI sits within a neutral range, while the MACD portrays consolidation, absent of a clear bullish or bearish divergence.
Short-Term (Scalp) Targets:
Immediate resistance is pinpointed at the 0.236 Fibonacci level ($126.55). A break above this could lead to targets at 0.382 ($184.51) and subsequently, 0.5 ($231.01).
Long-Term Targets:
For the asset to indicate a sustained bullish momentum, it would need to surpass its previous ATH. Beyond this, the extended Fibonacci levels suggest potential new ATH targets:
1.618 level would place the price at around $880 (approximation based on the current chart's scale).
2.618 level could see it reach around $1,400.
3.618 level might elevate it to near $1,920.
Breaking above the descending trendline and consistently staying above the indicated Fibonacci levels would hint at a potential move towards these new ATHs.
Observations:
Historically, EGOLD experienced a significant rally reaching an all-time high (ATH) near the $545.25 level. Following this, there was a retracement with the price finding support around the $50 mark.
The Fibonacci retracement levels are distinctly marked, highlighting potential resistance and support areas. The price is currently in proximity to the 0.236 level, valued at approximately $126.55.
A descending trendline is evident. A bullish reversal would necessitate a definitive break above this line.
The chart includes the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators. Currently, the RSI sits within a neutral range, while the MACD portrays consolidation, absent of a clear bullish or bearish divergence.
Short-Term (Scalp) Targets:
Immediate resistance is pinpointed at the 0.236 Fibonacci level ($126.55). A break above this could lead to targets at 0.382 ($184.51) and subsequently, 0.5 ($231.01).
Long-Term Targets:
For the asset to indicate a sustained bullish momentum, it would need to surpass its previous ATH. Beyond this, the extended Fibonacci levels suggest potential new ATH targets:
1.618 level would place the price at around $880 (approximation based on the current chart's scale).
2.618 level could see it reach around $1,400.
3.618 level might elevate it to near $1,920.
Breaking above the descending trendline and consistently staying above the indicated Fibonacci levels would hint at a potential move towards these new ATHs.
Note
In the mid-term trend I will take a profit at 74.92 %20
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