ELFUSD trade ideas
ELF - buying opportunity in the eye of the stormThe market is very crazy and unpredictable right now.
Can't stop myself from buying this.
ELF Fibonacci Levels RevealedNow that the ELF chart has matured, the Fib levels have been revealed.
The strong/stable levels are
• 0.5 USD,
• 1 USD,
• and 2 USD.
(No surprise)
The magnetic/unstable levels are
• 1.7 USD,
• 1.4 USD,
• and 2.33 USD.
As mentioned in other charts, a market wide 50% retrace has been set up. It seems many alt are on supports which would fall 50% until bouncing. Combined with the expectation that BTC has to revisit and the irrational sellouts from alts, a BTC move to 5000 matches the alt setup.
Honestly, I think the idea that it *has* to revisit a very specific price level is ridiculous, but whatever.
ELFUSD ; ELFBTCPossible 60% , showing up bullish patterns in elfbtc and elfusd. RSI Forming concave parabola up.
Aelf Rejecting The SupportOn the 8th of March, ELF/USD broke below the support at $0.85 and went down to $0.4, where it rejected the 227.2% Fibonacci retracement applied to the corrective wave after the support breakout. The support was rejected cleanly and while RSI has formed a bullish divergence, the price went up breaking the descending channel.
Current price action suggests potential trend reversal or at the very least the corrective wave up. The first upside target is seen at $1.27, which is the previous level of support and then resistance. However, break and close below the $0.4 support could invalidate bullish outlook and could extend the consolidation or even send Aelf coin much lower.
