9 July - Will the bulls take over at ELF / BTC? (4-hour chart)

On the daily chart we see long lower shadows, which tells us that the buyers have a bit more control than the sellers.

At the 4 hour chart we see that the price is close to a support zone. The sellers tried to push beyond the support zone, but the buyers immediately pushed back above the support zone. Besides this we also see that the last few candlestick ended up in doji with long lower shadows, this could tell us that the sellers lost their steam to push the price down further.

So the question now is will the bulls (buyers) take it over or not? You could buy your position before the 4 hour candlestick closes, but it would be considered highly agressive. This is what my plan would look like:

Long position
Entry: I plan to go long if I see a confirmation after the candlestick closes on the 4 hour chart
Stop Loss: See the support zone
Target: See the blue areas above

ALWAYS keep in mind! That this is NOT an investment advice, but an analyse . You can do whatever you want with this information, so trade at your own risks!