YGG/USDC - (UPDATE) 0,3130 Tactical support penetrated - Alternative scenario confirmed
Market & Ticker: Yield Guild Games – YGG/USDC
Date: 11/07/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
YGG dropped sharply after having failed to accelerate to the upside before penetrating 0,3130 key tactical support in Daily close.
The next key level to focus on area at 0,1130 (Strategic support).
A new analysis will be published in case of new clear bullish set up.
Technical Key Elements:
- RSI indicator is in oversold area like last year at the same period
- The Moving average are acting as resistance at 0,7230
- Fibonacci key support is adjusted at 0,3130 while the Elliot wave shows upside potential towards 1,20
Trade Idea conclusion: Buy
- Target 2: 1,20
- Confirmation level: 0,7230
- Buy: add in dip area 0,3880
- Stop: 0,3130
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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