Market & Ticker: Bitcoin – BTC/USDC

Date: 26/11/2024

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 (almost reached). The recent US result election combining with strong macroeconomic statistic in the US will increase the US rate cut pace with a FED rate decision expected 4% in 2025.

We are now entering in 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. However, with 100K almost reached last week on BTC and the SNP at 6000 we can’t ignore an intermediate pause to be developed.

For the coming days, we turn neutral between 103 000 and 90 000 without ignoring a risk of setback to 80 000.

Technical Key Elements:

• RSI indicator is showing divergence in overbought area
• The Moving average are support at 74 000
• Fibonacci key resistance area at 103 000 and support at 80000
• Elliot wave pattern is calling for a risk of pause in wave 4

Trade Idea conclusion: (Neutral)

• Tactical target 2: 116 00
• Strategic target 1 = Tactical resistance: 103 000
• Tactical support: 90 000
• Tactical alternative bearish target: 80000 and 74 000

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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