Aelf has reached an all-time high against the Bitcoin on the 25th of January, hitting 22k satoshis. Since then price corrected down strongly and Aelf lost 74% to Bitcoin, while it found th elow at 5600 satoshis.
The RSI oscillator has formed a bullish divergence suggesting the either a corrective wave up or a potential reversal to the upside. However, currently there is strong resistance at 9k satoshis that ELF/BTC must overcome, yet it continues to reject it.
If Aelf will continue trading above the previously established low and breaks above the 9k satoshi resistance it could provide further upside momentum, sending price higher. Next resistance is seen at 38.2% Fibs, near 12k satoshis, and then 50% Fibs near 14k satoshis. Daily break and close above 14k should confirm the long-term uptrend.
On a downside, ELF/BTC will continue trading below the current resistance, further decline is possible, and price could go back down to 5.6k satoshis or even slightly lower.
The RSI oscillator has formed a bullish divergence suggesting the either a corrective wave up or a potential reversal to the upside. However, currently there is strong resistance at 9k satoshis that ELF/BTC must overcome, yet it continues to reject it.
If Aelf will continue trading above the previously established low and breaks above the 9k satoshi resistance it could provide further upside momentum, sending price higher. Next resistance is seen at 38.2% Fibs, near 12k satoshis, and then 50% Fibs near 14k satoshis. Daily break and close above 14k should confirm the long-term uptrend.
On a downside, ELF/BTC will continue trading below the current resistance, further decline is possible, and price could go back down to 5.6k satoshis or even slightly lower.
Trade closed: target reached
