BTC is developing a trading range before new upside move (Bullish)
Market & Ticker: Bitcoin – BTC/USDC
Date: 17/12/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The Bitcoin (BTC) exited a wide descending trading range pattern Since March 2024 opening the next long-term potential towards 103 000 (reached). The recent US result election combining with pursuit of the US rate cut will support a new cycle where the highest risk asset class will benefit from money flow from low-risk asset class pushing the trend of the US stocks market and Bitcoin higher.
With the recent invalidation of 96000 support a direct rise to 116 000 has been jeopardized. BTC is now developping a trading range with a lower part expected at 85000 and the upper part at 103 000. We do expect a development of a new upside trend in the coming weeks to 116 000
Technical Key Elements:
- RSI indicator is at 50%
- The Moving average are flat (range) and the longest one is support at 85 000
- Fibonacci key resistance area at 116 000 and support at 85 000
- Elliot wave pattern is calling for a wave 4 in progress (Range)
Trade Idea conclusion: (Neutral)
Strategic target max: 140 000
Strategic target: 116 000
Tactical target: 103 000
Tactical support: 85 000
Tactical alternative bearish target: 80 000 (excess) and 64900
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21) 
