BTC/USDC - (Target Reached) BTC in pause before rise to 77 000 $ and 89 000 $
Market & Ticker: Bitcoin – BTC/USDC
Date: 18/03/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The BTC is still progressing within a bullish trend towards 89 000, however last week we observe a first pause within this progression which calling for consolidation towards the moving averages before reaching the upside trend target. Regarding those elements we adjust the Tactical support level from 60 000 to 58 500 to follow the rise in progress.
As long as 58 500 remains a tactical support valid, BTC is expected to progress towards 77 000 level before the next strategic first target at 89 000.
Technical Key Elements:
- Bullish channel exit shows upside potential above 89 000
- RSI Indicator remains in providing a bearish signal with divergence (NEW)
- The Moving average are still support and are accelerating to the upside (Positive)
- Fibonacci key support is adjusted at 58 500 while the key resistance is adjusted at 77 000 and 103 000
Trade Idea conclusion: Bullish
- Target 2: 89 000
- Target 1: 77 000
- Tactical Support: 58 500
- Alternative Target 1: 54700 (excess) and 38 400
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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