$ELSA Down 6.1% — Capitulation or Smart Money Manipulation?
$ELSA has suffered a sharp 6.1% sell-off, accompanied by a 1.7x volume spike, signaling aggressive bearish pressure. While the overall trend remains bearish, such a strong flush often creates room for a short-term relief bounce before the next directional move.
My primary expectation is a rebound toward the 0.04425–0.04460 resistance zone, where sellers may step back in. Rather than chasing the drop, the higher-probability setup is to wait for price to revisit this area and watch for bearish confirmation such as a rejection wick, bearish engulfing candle, or lower-timeframe market structure shift.
If sellers defend resistance, downside targets remain at 0.04264 and 0.04145. A protective stop-loss can be placed above the newly formed swing high or above 0.04500.
Bearish bias remains valid unless price reclaims 0.04500 and especially 0.04600 with strong volume, which would signal a deeper recovery or potential trend reversal.
Patience is key. Avoid bottom-fishing during heavy sell-offs and wait for clear confirmation before entering any position.
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