How this trade might turn a penny into a nickel.
This is just an exercise in theoretical technical analysis but lets explore the relationship between Bitcoin (major) and Elf (minor) and how the large cap cryptocurrencies impact the smaller caps. There is a reason for bitcoin to go down as it gets a "breather" and that may weigh on ELF making it a buying...
There has also been a constant drop in price over the last few days in this market, The BB show that the bars just recently hit the lower band but based on the past trend, there could be a swift drop in price even after it rises. Because this market cannot easily be predicted, based on its constant downtrend, the Target Price is not placed so much farther from the...
Looking at the EMA (20) and (50), the price seems to be stable for at least till after the 27th. The RSI looks like there might be a further uptrend till the 27th. The BB looks like there would be a continued uptrend also till at least the 27th. but the Fib Level shows that price might just as well then be closer to to the 100% and also Resistance, the best advice...
As promised in my previous MCOUSD idea, I am posting this chart. Btw, go check my MCO idea.
Back to ELFUSD 1D chart. We are now above 15 EMA. That's definitely a bullish sign. But we didn't manage to stay above 30 EMA. Awesome oscillator is still below 0, but it's making its way upwards.
I am ready to take risk here, with a stop loss a bit below...
I'm doing a whole bunch of TA, to decide on which alts to long on for the BTC return to bull (at least temporarily, which will come one day, maybe sooner than people think).
The reason I do the TA is because of THIS!
I have always liked aELF, but know these smaller coins get creamed when BTC drops.
So I decided to go in and have a look.
We are at...
Now that the ELF chart has matured, the Fib levels have been revealed.
The strong/stable levels are
• 0.5 USD,
• 1 USD,
• and 2 USD.
The magnetic/unstable levels are
• 1.7 USD,
• 1.4 USD,
• and 2.33 USD.
As mentioned in other charts, a market wide 50% retrace has been set up. It seems many alt are on supports which would fall 50% until bouncing....