Following the previous idea on Aelf, it has reached and broke above the upside target suggesting the continuation and perhaps acceleration of the uptrend. ELF/BTC has gained 325% since March, while the price moved from 6k satoshis support up to 23.8k satoshis all-time high.
On a corrective wave down price corrected to 14.7k satoshis, that is 50% Fibonacci retracement level that has been rejected cleanly. At the same time ELF is very close to 50 Moving Average which could act as the support as it was on the 25th of April.
While Aelf is trading above 10k satoshis psychological support price is likely to continue moving higher providing a strong growth. Because the nearest resistance, the key resistance, is at 65k satoshis, that is confirmed by two Fibonacci retracement leveles, 727.2% and 361.8%.
Nevertheless the downside risk always remains, but only break and close below 10k satoshis psychological support could invalidate bullish outlook.