Today’s analysis – ELABTC – trading above its Range Low where a bullish retest is probable,
Points to consider, - Price Action Impulsive - Range Low Support (.382 Fibonacci Confluence) - Range High Objective - Volume Influx
ELABTC’s immediate price action is impulsive, breaking a key level allows for a bullish bias on the retest that has confluence with the .382 Fibonacci.
The immediate objective is the swing high, exceeding this level increases the probability of a trend continuation.
Current volume profile has an influx, follow through is critical to sustain strength.
Overall, in my opinion, ELABTC is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps
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