MANA/USDT: Bullish reversal tentative - 1,20 to watch

Aug 11, 2022

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------

MANA/USDT: Bullish reversal tentative - 1,20 to watch

Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend - BTC and NFT/METAVERSE COIN remains in underperformance versus ETH.
- We are watching at 1,20 to bypassed to extend the bullish recovery in progress


Market configuration

- Graphical Elements :
Graphical support = 0,99 & 0,7990
Graphical Resistance = 1,20 & 1,95

- Mathematical Indicators:
EMA ( Exp Moving averages) are support at 0,99 = Bullish
RSI indicator (below) is now above 50% with room to the upside = Bullish

- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (C) B is now completed - the market is now bouncing off in recovery
Fibonacci resistance of the wave = 1,20
Fibonacci bullish wave target at 1,95
Fibonacci bullish wave support at 0,7980
Fibonacci bearish wave target at 0,5940

Conclusion

Prefered case => As long as 0,7980/0,99 remains support a larger recovery towards 1,20 is expected with strong conviction, only a break above 1,20 will open a direct recovery potential towards 1,95

Alternative case => Breaking 0,7980 a new bearish attack towards 0,5940 will occur