FET/USDC - (UPDATE) 0,99 Tactical support penetrated - Alternative scenario confirmed
Market & Ticker: Fetch.ai – FET/USDC
Date: 11/07/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
FET dropped sharply after having failed to accelerate to the upside before penetrating 0,99 key tactical support in Daily close.
The next key level to focus on area at 0,61 (Strategic support).
A new analysis will be published in case of new clear bullish set up.
Technical Key Elements:
- Auto similar move potential shows target at 1,08
- RSI indicator remains below 50% - no clear bullish signal at the moment
- The Moving average are resistance
- Fibonacci key support is adjusted at 0,99 while the Elliot wave shows upside potential towards 2.00 and 2.60
Trade Idea conclusion: Buy
- Target 2: 2.60
- Target 1: 2.00
- Buy: add in dip area 1,18
- Stop: 0,99 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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