FORTH - Ready for a breakout! Channel + Elliott wave
On the daily chart, we can clearly see a descending channel / falling wedge, which is ready for a breakout!
Buy a breakout above rectangle + 200 MA + trendline of the channel, we have a nice confluence here, that is very important!
This coin never made an all time high, so it is safe to set the profit target to 0.618 FIB + end of the wave 4 (High liquidity area).
Due to my Elliott wave analysis - Impulse Elliott wave has been completed successfully and we can expect at least a retracement.
200 daily moving average is considered as a massive level by huge instituions and hedge funds.
We have a high bullish volume and I don't see any bearish pressure on the indicator.
If we take a look at the RSI indicator, there is a horizontal level, so if we break this level, that would be great!
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