ERD can make new highs

Jul 16, 2020

According to Ichimoku trading system, Elrond has 4 strong bullish signals those are price is above Kijun, the crossover of Kijun and Tenkan has not happened yet so it can be said that price can retrace its patch back to Tenkan which is 0.0158 area and then it will pump again making new highs but there if it closes below Tenkan then it will test 0.015 area on which it is facing another resistance (Kijun) so if it fails to close below Kijun (red line) too. Then there will be a weak signal of short. Another good bearish sign is the price is above the Kumo cloud which is generally considered bullish so total we can say it has 4 resistance to cross Senkau A ( upper border of Kumo cloud), Senkau B (lower border of Kumo cloud), Tenkan (Blue line), Kijun (Redline). If there is a crossover of Kijun (red line) over Tenkan (Blue line) then it will be a weak bearish signal because the price is above the Kumo cloud and if price retraces its path back to Kumo cloud then it will consolidate and we can see a pump or dump. Do share your thoughts in the comments :smiles: