Market & Ticker: Bitcoin – BTC/USDC

Date: 10/05/2024

Horizon / Timing:  Tactical Mid-term / 1 to 3 months

Scenario: 

After having penetrated 60 000$ recently the BTC failed to accelerate significantly to the downside. The technical situation remains unclear (Neutral). Last week the bearish scenario below 64 200$ hs been challenged with a test of 64 200$, we turn Neutral at current level.

For the time being a break above 64 400$ key resistance would open a potential towards 69 500$ and max 77 000$ in extansion

However a failure below 64 400$ with a break of 58 900$ as key support the BTC will continue to progress in consolidation towards 53 900 and 48 700$

Technical Key Elements:

• Downside flag (Orange) potential at 53 900
• RSI Indicator is neutral
• The Moving average are resistance at 64200
• Fibonacci key support is adjusted at 53900 and 48700

Trade Idea conclusion: Bearish

• Tactical Targets up: 71500 and 77000
• Tactical Resistance: 64200
• Tactical Support: 58900
• Tactical targets down: 53900 and 48700

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.