With Elf receiving a massive pump yesterday, RSI indicators didn’t fail to indicate that ELF was being overbought. It seems Elf will soon take a new low. Get set to buy. DYOR though.
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...
The market is very crazy and unpredictable right now. Can't stop myself from buying this.
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. (No surprise) 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....
Looking for a position to enter on ELF. Possible retrace back to $1,00.
Possible 60% , showing up bullish patterns in elfbtc and elfusd. RSI Forming concave parabola up.