---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------
OCEAN/USDT: Buying area reached, 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 OCEAN 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 element
Market configuration
- Graphical Elements : Graphical Resistance = 0,40 & 1,28 Graphical Support = n/a
- Mathematical Indicators: EMA ( Exp Moving averages) are slowing their downside acceleration, the faster one is support, the slower one is still resistance = Neutral RSI indicator (below) is bouncing off key support and is challenging 50% - there is no divergence on current level = Bullish/Neutral
- Elliot & Harmonic Wave (Fibonacci): Fibonacci Target (c) (B) has been already reached = 0,19 Fibonacci resistance of the wave in progress = 0,40 & 0,74 Fibonacci support of the wave (c) (B) (max extension) = 0,1480 Fibonacci Bullish Target = 1,28 (auto-similar move)
Conclusion
Preferred case => Regarding the mid-term element, OCEAN is offering the perfect entry area for a mid-term portfolio configuration in order to anticipate a bullish exit towards 0,74 and 1,28 as long as 0,1480 remains support - 0,40 is an important short-term level, it is acting as upside confirmation level to lower the risk of a last downleg (No divergence on RSI)