BTC/USDC - (Target Reached) BTC in trading range – waiting for bullish signal to be confirmed at 61800
Market & Ticker: Bitcoin – BTC/USDC
Date: 10/09/2024
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 is now leaning towards an imminent US rate cut a head of the next FED rate decision expected for 18 September 2024. This is the key macroeconomic factor to engage a new robust upside trend on risky asset class such as Bitcoin.
This consolidation is expected to end between September 2024 and November 2024 a head of the US Rate cut decision from FED following by US election and new regulation frame in Europe (MICA).
Last week, BTC penetrated 56500 before reaching alternative minimum target at 52300 - At current price BTC is still evolving within a complex range pattern between 52300 and 61800 a head of the rate cut expected on 18 September2024. We are waiting for a clear upside break pf 61800 to reactivate the bullish trend
Technical Key Elements:
- RSI indicator in oversold area
- The Moving average are resitance
- Fibonacci key resistance area at 61800 and support at 52300
- Elliot wave pattern remains unclear with 2 consolidation scenarios (wave 4 or potential wave 2)
Trade Idea conclusion: (Neutral)
- Tactical Bullish target max: 73 000
- Tactical Bullish target: 69 700
- Tactical Pivot support & resistance: 52300 & 61800
- Tactical alternative bearish target: 48700 and 38 400
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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