The priceline of aelf (ELF) / Bitcoin cryptocurrency has completed the formation of shark pattern and entered in potential reversal zone.
The stochastic is already oversold.
We have pivot 1st support just beneath the PRZ area which will push the price action back to hit the sell targets insha Allah.
I have defined below sell targets using Fibonacci sequence:
Strong BUY as previous daily resistance flipped support of 3914 just confirmed yesterday to be strong current support as BTC move up didn't push price below that level on a daily candle close.
Entry - Under 4200
TP1 - 4640
TP2 - 5813
TP3 - 6539
TP4 - 7712
SL - 3614-3914 dependent on Hold period
Recommended Hold period - 2 weeks to 1 month with SL at 3614....
ELF is very undervalued coin and broke all previous Support Level , According to Fib Level 1.618 may be Next Support Level after 80% Dropped.
Let See What Will be Happen.
Set Stop Loss own RR Ratio.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !!
ELF is very close to breakout. I bet it gonna reach 5800 at least but here below are some closer targets
Buy zone 5300 - 5350
Target 1: 5580
Target 2: 5660
Target 3: 5800
Target 4: 5960
Day chart with moving averages show reversal.
Elf is becoming bullish as it is approaching demand zone 1 and support zones. Elf has a bright future in terms of profit potential as it is currently undervalued somewhat in this crypto space.
Short term investors only enter when it breaks outward.
Medium term investors enter at demand zone with appropriate stop loss.
Long term investors enter at demand zone...
Good day traders
I hesitated putting this idea up because at the moment, BTC might see support and rebound or it might just slip right through the triangle support and head towards the 4800 range. With that being an unknown, I normally would recommend a trade like this after the signal from BTC but with such a short stop at the moment, It’s a low enough risk...
Update ELF / BTC
We could see a touch of the 0.382 ( 15918 )
We bounced off there - the 0.382 is a strong support always.
There is still now Buy Signal on the 1H & 4H. We hope during the day we will get the BUY SIGNAL.
We are waiting also on conformation when the Green line pass the Blue line.
Dont Panic guys all will be fine!