There is an early sign of bullish strength on the RSI as the price makes Lower Low but the RSI is painting the opposite.
Though ELF is still trading inside this descending channel it is still not enough proof for a trend reversal.
The price needs to break 760 sats and pullback and form another Higher Low between 700 sats and finally break Higher High....
Double bottom Adam & Eve pattern on BINANCE:ELFBTC with accumulation showing on the RSI, looking like an impending breakout is coming.
Target 1: 0.00000769
Target 2: 0.00000839
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ELF LOOKS TRY TO SET THE BOTTOM, HERE'S WHY:
* Low volatility last days
* MACD MA's tries to cross bullish
* MACD momentum bars show less and less bear momentum
* Exaggerated divergence
* Price on good support.
* Tries to escape the downward channel
Let's see what happen next dyas / weeks
ELF broke important key support on the daily time frame, I don't how far the price will go down but since the RSI is already under the oversold condition, there could be a potential minor relief rally.
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1. AS MENTIONED WE WATCHED LAST 2 HAMMERS AND AFTER EVERY HAMMER CREATED PRICE WENT UP WHICH IS A GOOD SIGN.
2. 3rd HAMMER IS ALREADY TAKE ITS PLACE NOW AND ALSO THERE IS A DOJI CREATED.
3. A COUPLE OF CANDLES ARE MAKING A CUP.
Consolidation right above the bottom of the 1D Ichimoku cloud, with bitcoin getting heavily rejected Alts might get a break to do their thing.
TP 1: 0.00001090
TP 2: 0.00001216
TP 3: 0.00001465
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