Elrond uptrend possibly nearing the end
Updated
Just a short writeup:
1) Longer term signal expired, and it's heading up on smaller modes. When these smaller modes stop forming, the trend will change, making it a long term sideways chop or a downtrend.
2) Mode 2 didn't reach the 2nd target, which is showing slowdown.
3) Mode 3 did pick up speed and hit the first target in the first bar, so chart has time to either form a mode or hit the 2nd target.
This being said the RgMov indicator is showing reasonably strong buying.
Going forward I'd pay attention to the weekly target area, 56 and 90.5, and also the weely signal expiration on 14th of February, especially if no new weekly mode(3 bars on the same level) is formed around here.
Especially with the "rumor buying" going on about new partnerships and app release on 1st of February, I'd be cautious and taking profits.
A drop below 37.624 would definitely spell the end of this trend.
Ps: I personally couldn't care less what this coin does, never invested and probably never will. Made the chart for friends.
1) Longer term signal expired, and it's heading up on smaller modes. When these smaller modes stop forming, the trend will change, making it a long term sideways chop or a downtrend.
2) Mode 2 didn't reach the 2nd target, which is showing slowdown.
3) Mode 3 did pick up speed and hit the first target in the first bar, so chart has time to either form a mode or hit the 2nd target.
This being said the RgMov indicator is showing reasonably strong buying.
Going forward I'd pay attention to the weekly target area, 56 and 90.5, and also the weely signal expiration on 14th of February, especially if no new weekly mode(3 bars on the same level) is formed around here.
Especially with the "rumor buying" going on about new partnerships and app release on 1st of February, I'd be cautious and taking profits.
A drop below 37.624 would definitely spell the end of this trend.
Ps: I personally couldn't care less what this coin does, never invested and probably never will. Made the chart for friends.
Note
Looks like it's going for a blowoff top. End of this week the last weekly uptrend ends, not much left to go up upon. Un Sunday, 14th of February I personally would be out at least 75%. I'd likely keep 25%, cause until bitcoin is trending up, everything has the potential to keep mooning!If I'd be married to this investment, I'd buy the 35-40% retracements.
Note
I think we have seen the top in this coin for the next few weeks. Looks like the weekly chart expiration is acting already.Note
Elrond did a pretty big retracement here. Weekly chart doesn't look constructive here. We need a range expansion up bar on the weekly to have confidance in trying a long position. More weeks sideways above the 120 level would be good.
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