HiTech
Long

Aelf VS Bitcoin - When Will Grow?

BINANCE:ELFBTC   aelf / Bitcoin
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.
Trade closed: target reached
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