Market & Ticker: SYNTHETIX – SNX/USDT
Date: 13/11/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
SNX has been trading sideways since the beginning of 2023 after almost two years of bearish trend. The actual sideways configuration is accumulating momentum for a potential bullish exit in line with the global crypto market configuration. We are focusing on 3,20 resistances to bypass to confirm the bullish exit confirming a significant bullish acceleration towards 4,90 with 3,90 as intermediate level and 9,10 as long-term target potential.
Technical Key Elements:
- Exit potential of the ‘’triangle’’ consolidation is at minimum 4,90
- RSI indicator is positive – No Divergence
- The Moving average are support at 2,30
- Fibonacci key support is adjusted at 2,03 while the Elliot wave shows upside potential towards 3,90 and 4,90
Trade Idea conclusion: Buy - Conviction:
 | | | High |
Target 2: 4,90
Target 1: 3,90
Confirmation level at 3,20
Buy: add in dip area 2,60/2,30
Stop: 2,03 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
