ELF/BTC TA Update (Bullish Breakout?)
ELF/BTC
There is an early sign of bullish strength on the RSI as the price makes Lower Low but the RSI is painting the opposite.
Though ELF is still trading inside this descending channel it is still not enough proof for a trend reversal.
The price needs to break 760 sats and pullback and form another Higher Low between 700 sats and finally break Higher High.
This is a long process but it will minimize the risk of fake-outs and risk-reward ratios
will be in your favor by putting stop-loss near key support rather than at the very Swing Low area.
There is an early sign of bullish strength on the RSI as the price makes Lower Low but the RSI is painting the opposite.
Though ELF is still trading inside this descending channel it is still not enough proof for a trend reversal.
The price needs to break 760 sats and pullback and form another Higher Low between 700 sats and finally break Higher High.
This is a long process but it will minimize the risk of fake-outs and risk-reward ratios
will be in your favor by putting stop-loss near key support rather than at the very Swing Low area.
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