ELONUSDT Local S/R| Swing High| .618 Fibonacci| Price Action

Evening Traders,

Today’s analysis – ELONUSDT- trading above its Local SR where support holding is considered bullish,

Points to consider,
- Price Action Corrective
- Local S/R Support
(.618 Fibonacci Confluence)
- Swing High Objective
- Low Volume

ELONUSDT’s immediate price action is corrective and is trading on its Local S/R support that has technical confluence with the .618 Fibonacci, allowing for a bullish bias.

The Swing High is the current objective, exceeding this level will increase the probability of a trend continuation.

The current volume profile is below average, an influx is highly imminent when an expansion occurs.

Overall, in my opinion, ELONUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

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And remember,

“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee