COMP/USDC - COMP bullish exit from the range anticipated

Market & Ticker: Bitcoin – COMP/USDT 

Date: 15/08/2023 
 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 
 
 

Scenario:  

COMP retraced the previous rise and is now on adding / buying level to anticipate a recovery towards 80.00 level to surpassed to confirm the bullish exit from the range and target 98.00 at first on the near-term before 145 and 175 in the coming weeks 
 
The scenario is ongoing however the key support has been adjusted from 50 to 48. 

As long as 48 remains a tactical support valid in daily close a direct bullish move is expected. 

Technical Key Elements: 

- COMP keeps potential to test the upper part of the blue range at 80 
- RSI indicator purged the divergence and is back in the 50% area (neutral) 
- The Moving average crossed to the upside and act as support at current level 
- Fibonacci key support is adjusted at 48 while the Elliot wave shows upside potential towards 80 and 98 

Trade Idea conclusion:  Buy - Conviction:

Medium

Target 2: 145 

Target 1: 80 

Confirmation level at 80 

Buy: add in dip area 56 

Stop: 48 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21)