XTZ/USDT: On Buying area, Direct rise expected---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------
XTZ/USDT: On Buying area, Direct rise expected
Context
- The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets XTZ suffered about negative global market situation.
- However we are focus on a key buying area now on this coin and we expect a fast and quick recovery regarding technical elements provided by the interpretation of the Elliott waves .
Market configuration
- Graphical Elements :
Graphical Resistance = 2,90 & 9,17
Graphical Support = 0,78
- Mathematical Indicators:
EMA ( Exp Moving averages) are now slowering their drop with the faster one already support = Neutral
RSI indicator (below) is bouncing off key support, a reintegration of the 50% area is in progress = Bullish
- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target C (B) has been already reached = 1,93
Fibonacci resistance of the wave in progress = 2,90
Fibonacci support of the wave (c) (B) (max extension) = 1,46 (auto-similar move = Channel)
Fibonacci Bullish Target = 5,90
Conclusion
Preferred case => Regarding the mid-term element, XTZ is offering the perfect entry area for a mid-term portfolio configuration in order to anticipate a bullish exit towards 2,90 and 5,90 as long as 1,46 remains support - In extension a larger rise towards the previous top at 9,17 can't be ignored
Alternative cases => Breaking 1,46 tactical support a significant drop will occur within a global bearish market pressure. In this way 0,78 will be reached.
