aelf (ELFBTC’) chart looks much like every other altcoin we’ve been looking at, remember that we like to buy when the prices are low, so I look for bottomed out coins which offer the highest profits potential and lowest risk.
Let’s take a look at aelf now on the daily time frame and get started:
- ELFBTC’ printed the biggest volume bar yesterday since April, after creating a hammer candlestick on the 12th September, when a low point was touched for ELF and many other altcoins. - EMA50 (magenta line) worked as resistance but this line will be tested again soon. It will take a few days or maybe weeks, but ELFBTC’ is ready to move.
Now let’s take a closer look at the MACD, notice that it has been creating higher lows since March and is about to cross to the bullish side:
- These are bullish signals.
Weekly chart:
- On the weekly time frame, we can see a clear decrease in volume (red line), followed by a breakout (last green volume bar on the right). - STOCH and RSI are both oversold. - Expect additional strong bullish action within 1-2 weeks.
Trade instructions for aelf (ELFBTC’) – Alan Masters
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