AMEX:ELA is a project that i need to do a bit more digging on. However, it's looking it's downtrend will continue. There's not much to say about price action accept the fact that it could potentially create a lower low just based off he TSI and MACD. It looks as though it's loosing a bit of steam. The key points of retracement are outline within the chart, if it...
Comparing very similar structures, one very early in prices history and one that has just formed
I believe this is an indicator for another bull run up, as seen from the first formation
I expect the run to be a lot larger as the formation is massive compared to the initial one
Comparable points labelled (1,2,3)
Elastos can be seen to be in the early stages of nearing a reversal point with this recent bounce off the descending scallop trendline
While populous can be seen, engaged in a reversal at the current moment
Descending scallops often are very slow to come to fruition and is a common trend among many altcoins
Heres two
Descending Scallop, this is a bullish reversal pattern, which seems has already begun, with the likely formation of a bullflag at the bottom of the scallop, descending scallops have a high success rate in crypto markets based on my previous analyses! First Elastos post!
I am presently looking at Elastos atm, i.e. ELA (on Huobi or Kucoin)
Been cost averaging in since it was at around ~1.5 USD.
Looking like it might do an "ICX" style parabolic pump anytime now. But lower MCAP = greater risk.
Sensible risk management is advised.
I like their fundamentals as well -- the project itself as well as their team leadership.
But certainly...
Pair: ELA/BTC
Exchange: Huobi
Trade Duration: Long
Risk: Moderate
Signal Strength: High
Introduction
Elastos aims to create a new kind of Internet, powered by blockchain technology. On this new Internet, people will be able to own digital assets and generate wealth from them. Today, there is a seemingly infinite supply of digital books, movies,...
Elastos entered right now its market structure, I would like it to see it consolidating here for a couple days before it breakes out upwards.
Entry a bit below the market structure and expecting it will wick into it. When we start closing (on a daily) below the market structure I would probably look to get out of this trade at break even.
