Date: 31/01/2023
Horizon / Timing: Mid-term / 1 to 3 months
Update: ETH under 1760 tactical confirmation level
In our last Tactical mid-term analysis (15 January 2023) we defined a price action range between 1180 and 1760 with a recovery expected within the range towards 1760 as long 1180 remains a Tactical support valid in daily close.
Scenario:
We expect a further bullish extension toward 1760 extension (+12%) - At the current level we can’t open a larger recovery above 1760 if a daily close is not triggered above this level. However, we can be confident to anticipate a direct upside breakout in the coming 3 weeks as BTC already confirmed this breakout. The next upside target once the 1760 Breakout is validated are set at 2170 (+38%) before 2690 (+70%)
Technical Key Elements:
- The long-term trend analysis shows potential towards 2690 (+70%) before 3290 (130%) as long as 880 Strategic support remains valid in weekly close.
- The RSI indicator is in positive area and keeps upside potential (No divergence).
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal.
- The Fibonacci key support is adjusted at 1350 as tactical support while the Elliot wave shows upside potential towards 2690 in case of 1760 upside breakout.
| Trade Idea conclusion: Buy- Conviction: |  | | (Normal) |
Target 1: 1760 (12%)
Buy: add in dip area 1380-1460
Stop: 1350 (-13%)
N.B: Target to consider in case of 1760 breakout = 2170 (40%) // 2690 (+70%)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
