AAVE/USDC - (Target Reached - new analysis coming soon) 89 Tactical support penetrated - Alternative scenario confirmed
Market & Ticker: AAVE - AAVE/USDC
Date: 15/07/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
AAVE dropped sharply after having failed to accelerate to the upside before penetrating 89 key tactical support in Daily close.
The next key level to focus on area at 50 (Strategic support).
A new analysis will be published in case of new clear bullish set up.
Technical Key Elements:
- RSI indicator is positive with upside potential
- The Moving average are challenged and act as support
- Fibonacci key support is adjusted at 89 while the Elliot wave shows upside potential towards 130 and 210
Trade Idea conclusion: Buy
- Target 1: 158
- Confirmation: 130
- Buy: add in dip area 100
- Stop: 89
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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