OCEAN/USDT: Reversed up above key support at 0,1480

Brian Leclere - 12 August 2022 - APP MARKET_MINDS MEDIUM_TERM OCEAN

—- Mid-term Analysis for the next coming 4 weeks to 3 months – Daily on Daily Chart (LOG)——-

OCEAN/USDT: Reversed up above key support at 0,1480 as expected

Context
– The Global Crypto market leads by BTC and ETH reversed a new bullish trend – OCEAN for now is still lagging versus ETH
– We are watching at 0,3410 area to bypassed to extend the bullish recovery in progress (in parallel of 2170 ETH)
– Watch 0,1780 as key supportPrevious Analysis 09/06/2022 :

OCEAN/USDT: Buying area reached, Direct rise expected

Market configuration

– Graphical Elements :
Graphical Resistance = 0, 3410 & 0,7280
Graphical Support = 0,1480

– Mathematical Indicators:
EMA ( Exp Moving averages) are now support at 0,2080 = Bullish / Neutral
RSI indicator (below) is now above 50% with room to the upside = Bullish

– Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target (c) (B) has been already reached = 0,1480
Fibonacci resistance of the wave in progress = 0,3410
Fibonacci support of the wave (2) = 0,1780
Fibonacci Bullish Target = 0,7280(auto-similar move)

Conclusion

Preferred case => As long as 0,1780 remains support we are looking to buy the dip in the buying area in order to test and then surpass 0,3410 (corresponding t 2170 ETH), before opening a further rise towards 0,5180 in a first step

Source: OCEAN/USDT: Reversed up above key support at 0,1480

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