MultiversX (EGLDBTC) Breakout Signal

8 nov

Recently, EGLDBTC (MultiversX) went through a breakdown of support, these are the blue lines on the chart. The break of support produced a new ATL and also a rounded bottom that is now fully complete.

Here the bullish signal comes up as a fractal, a repeat of mid-2024 and super high volume.

➖ First, support breaks and prices moved lower. Once bears are done selling and sell beyond the last mayor low, they become exhausted. Super low prices tend to be a bullish situation for buyers.

➖ Second, the same dynamics happened earlier this year. A down-move turned into a breakdown and the breakdown produced a rounded bottom, the rounded bottom signaled the start of a new bullish wave.

👉 We have the down-move, the breakdown and rounded bottom. This rounded bottom is now complete and strong bullish action is present with the highest buy volume ever. What follows is a new bullish wave.

Additional details on the chart.

Thank you for reading.

Namaste.