ASR/USDT analysis
$ASR on the hourly frame:
SMC School:
- There is a strong upward momentum after a long accumulation phase, with a clear break of liquidity areas and the formation of a new high.
- The current movement is corrective after a rapid rise, and the price is now above a previous demand zone around 1.68-1.75 approximately, which is a potential bounce area.
Elliott Analysis:
- It is clear that five upward waves (1-2-3-4-5) have formed, with the beginning of a correction for wave (A-B-C) downward in the short term.
- The correction may extend slightly before resuming the rise (a new driving wave is expected if 1.68 is not broken).
Classical Analysis:
- The upward break was followed by a natural profit-taking, with the possibility of a bounce from a strong support level (1.68-1.75).
- There are no clear bearish patterns, the overall trend is Bullish as long as it is above 1.68.
Future Deal:
Direction: Upward (Bullish)
Entry: 1.78-1.75
Target: 2.05 then 2.15
Stop Loss: 1.66
Note: Breaking 1.66 cancels the bullish scenario.
Capital management is essential, good luck!
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