FORTH - Ready for a breakout! Channel + Elliott wave

13 Jul 2022

• 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!
  
• Look at my ideas about interesting altcoins in the related section down below ↓
  
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