Traders officially love to sell ELFBTC against 0.00005162 level
Aelf/BTC Index (ELFBTC) Technical Analysis Report for Sep 15, 2018
ELFBTC finished Saturday at 0.00005007 gaining BTC0.00000032 (0.64%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Saturday's trading range was BTC0.00000212 (4.26%), that's far below last trading month's daily average range of BTC0.00000458. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being exactly the same as average. Prices continued to consolidate within a tight trading range between 0.00004829 and 0.00005162 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 0.00005272. ELF was sold again around 0.00005162 after having seen highs at 0.00005145, 0.00005161 and 0.00005101 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 0.00004829 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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