Elastic has been rejecting the $0.22 support during the past few months and finally, today it broke above the triangle pattern. The breakout was very clean while the price on 4h and 8h charts closed above the downtrend trendline.
What is interesting is that the breakout was accompanied by a heavy volume and was very sharp. This could indicate on the money and interest flowing into the Elastic coin where trading under heavy volume is likely to continue. If this will be the case, investors ave could see an explosive move up on XEL/USD, potentially resulting in 200%, 400% or even larget growth against USD.
First strong resistance could be at 127.2% Fibonacci retracement level applied to the corrective wave from August, that is $1.15. The second target is 227.2% level at $1.9.
Only a break and daily close below the $0.17 will invalidate bullish outlook. The rewards for such a small risk seems enormous and therefore the buying opportunity is very attractive.
What is interesting is that the breakout was accompanied by a heavy volume and was very sharp. This could indicate on the money and interest flowing into the Elastic coin where trading under heavy volume is likely to continue. If this will be the case, investors ave could see an explosive move up on XEL/USD, potentially resulting in 200%, 400% or even larget growth against USD.
First strong resistance could be at 127.2% Fibonacci retracement level applied to the corrective wave from August, that is $1.15. The second target is 227.2% level at $1.9.
Only a break and daily close below the $0.17 will invalidate bullish outlook. The rewards for such a small risk seems enormous and therefore the buying opportunity is very attractive.
Trade active
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Short-term consolidation before the take off
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I think its ready for a take off
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Trade active, holding
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The rally has started
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at the support now
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Elastic producing higher highs, lets go!
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After this consolidation should continue to move up
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Almost reached first target
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First target reached