On the 29th of May, Elastic has established the low at $0.21. At the same time bullish divergence was formed on the RSI oscillator and price started to move up. Today XEL/USD broke above the 50 Moving Average, followed by the breakout of the descending channel.
Recent price action suggests that Elastic is reversing to the upside. The strong resistance area is seen at $0.4, that is confirmed by two Fibonacci retracement levels. 23.6% and 76.4% Fibs.
Price could consolidate for a little while, getting down to the 50 Moving Average, but the trend now seems to be bullish. Nevertheless, break below the $0.21 support, would invalidate bullish outlook.
Recent price action suggests that Elastic is reversing to the upside. The strong resistance area is seen at $0.4, that is confirmed by two Fibonacci retracement levels. 23.6% and 76.4% Fibs.
Price could consolidate for a little while, getting down to the 50 Moving Average, but the trend now seems to be bullish. Nevertheless, break below the $0.21 support, would invalidate bullish outlook.
📱 Telegram: t.me/tradexcel
Binance Copytrading bit.ly/43ah5N2
Bybit Copytrading bit.ly/3IoObiI
Okx Copytrading bit.ly/4c0DsZ1
BingX Copytrading bit.ly/3IokoXi
Crypto Signals bit.ly/434eRi7
Binance Copytrading bit.ly/43ah5N2
Bybit Copytrading bit.ly/3IoObiI
Okx Copytrading bit.ly/4c0DsZ1
BingX Copytrading bit.ly/3IokoXi
Crypto Signals bit.ly/434eRi7