CHR/USDT Target area reached at 0,3650 (Caution) - Entering in Toppish area (end of bullish trend)


Market & Ticker: Chromia – CHR/USDT

Date: 07/02/2024

Horizon / Timing: Tactical Mid-term / 1 to 3 months


CHR reached the expected target area at 0,3650 after having confirmed the bullish reversal anticipated in august.

At current price holding above 0,2380 updated tactical support level, we are monitoring the last push of the upside trend engaged in 2023 towards a maximum potentiial identified at 0,49/0,52 the strategic resistance / target.

Warning : we advise reducing significantly the exposure in the 0,3650/0,49 area.

Technical Key Elements:

  • RSI indicator is in overbought area with divergence
  • The Moving average are still acting as support
  • Fibonacci key support is adjusted at 0,2380 while the Elliot wave shows upside potential towards and 0,3650/0,49

Trade Idea conclusion: Buy - Conviction: Medium

• Target 2: 0,49 • Target 1: 0,3650 • Buy: add in dip area 0,28 • Stop: 0,2380 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic

Indicators: Exponential Moving Average (21/34/89) - RSI (21)


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