BTC/USDC - (Target Reached) BTC dropped sharply reaching 48700 bearish case targets
Market & Ticker: Bitcoin – BTC/USDC
Date: 06/08/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The Bitcoin (BTC) remains stuck within a wide descending trading range pattern Since March 2024. The recent macroeconomic statistic in the US calling for a risk of recession and geopolitical tension raising in Middle east associated to the actual selling pressure on crypto market are maintaining BTC in a consolidation pattern with mixed trend following technical elements.
This consolidation is expected to end between Summer 2024 and November 2024 a head of the US election and new regulation frame in Europe (MICA).
At current price we are focus on 57 000 key resistance and 48 700 Key support to define a neutrality area. Only those levels broken in daily close would confirm a new clear directional.
Technical Key Elements:
- RSI indicator is negative in oversold area – No divergence
- The Moving average are crossing to the downside below 65000
- Fibonacci key resistance area at 57 000 and support at 48700
- Elliot wave pattern is jeopardized with 2 consolidation scenarios (wave 4 or potential wave 2)
Trade Idea conclusion: Neutral
- Tactical Bullish target: 65 000
- Tactical confirmation resistance 57 000
- Tactical confirmation support: 48700
- Tactical bearish target: 38400
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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