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)
