ELF technical analysis

ELF seen from the temporality of 1D we can see how the price during its fall has formed a long falling wedge in which the price has currently escaped from it silently with little volume, in the breaking of resistance we see a series of low volume bear candles during a side trend, the current candle is creating a bullish candle, which should be a very good signal of a close bullish movement with more volume, the weekly candle is still young, so we could not yet confirm the future direction of the price.

ELF seen from the temporality of 1D we can observe more closely the current movement of candles, the current candle is creating a bullish candle above the resistance of the accumulation range after forming a twezeer bottom with the previous candle, to close in this way, it is very possible that the price will continue bullish towards our first target located within the price range of 0.00001224 – 0.00001339, our second target is located within the price range of 0.00001605 – 0.00001954, and the third target is located within the price range of 0.00002399 – 0.00002733.

In conclusion, ELF is showing buying signal by closing above the consolidation resistance, also the RSI indicator shows bullish divergence, if it manages to close above as it is doing now, the chances of seeing a much bigger bullish movement are very high, the profit targets I mentioned earlier are indicated in the 1D chart, I recommend to be very attentive to today’s closing and the price action in 4H, always use stop loss in your trades.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

About the author: luis garcia
Technical Market Analyst Crypto trader

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