ELF could be forming a bear-flag. Might look to double bottom.

ELF/BTC appears to be forming a possible bear-flag. We saw ELF/BTC take a sizable drop from about 5180 to 4850 (330 sat drop.) With that sat drop in mind, we can see ELF/BTC is currently consolidating upwards and to me, this is a text-book bear flag. If the bear-flag breaks to the downside, the length of the flag-pole (previous drop from 5180 to 4850) would take our current price around 4950 and put it right around 4620, which is right in-line with our base-line fib level from our previous bottom in September around 4600. We can see the RSI is turning up from oversold territory back into the neutral territory, as is typical with bear-flags (sort of like a cool-off period), so it could have a little room to move back into the neutral territory, but I suspect it will be short lived before we see it drop once more. There is always a chance the .236 holds around 4850, but I lean toward a double bottom around 4600 in my personal opinion. Do keep tabs on Bitcoin and on the overall market sentiment. Low liquidity and low volume can allow for big moves seemly out of no where, so make sure you keep that in mind.

Reentry target:

Baseline fib level (or the 0 fib level, they mean the same thing) at 4600. (Would make for a double bottom in combination with our September low.)

--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.

Comment:

.236 fib level has held so far. If we break above the .382 fib level with sustained buying and can hold there, that should invalidate the bear-flag.

Comment:

Tweaser top rejection at the .382 fib level. Watching to see how the price will react as it hangs around the bottom of the bear-flag formation around 4930. If we see it move much below that 4930 level, we could see it retest the .236 fib level around 4850; and if that breaks down, we could see the price drop the 4600 level for a possible double bottom formation should the 4600 level hold.

Comment:

Got back above the .382 fib level. Let's see if it can hold. If it can, I'd feel pretty confident in saying the bear-flag has been invalidated:

Comment:

ELF/BTC has been able to sustain buying on the .382 fib level. Watch for the 4-hour EMA's (50 in green, 100 in yellow, and and 200 in red) to be the next obstacles to tackle: