$Elastic is on the verge of breaking out of descending triangle

CryptoKraze Technical Analysis

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In this post I am going to cover technical analysis of $Elastic for short term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of $Elastic.

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Possibility on 4 Hour Chart

If you look at 4 hour chart, you will see $XEL has formed a descending triangle and likely to breakout. This is very common pattern in crypto currencies, whenever a coin makes this descending triangle, a breakout is imminent that might happen anytime soon. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again.

• I have a buy entry at 0.00004100 with my profit target will be around 0.00005500 and 0.00007000 or above.
• Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

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Have a look on my other Posts

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Averaging Technique in Crypto Trading

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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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