BTC/USDC - (Target Reached) BTC is evolving in trading range with no clear direction
Market & Ticker: Bitcoin – BTC/USDC
Date: 24/06/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
Despite the recent SEC approbation for ETF ETH and perspective for a rate cut this year in US resulting to a control over inflation, the BTC remains stuck within a wide trading range pattern without providing a clear directional for the coming weeks. We do expect a further bullish trend starting by the last 3 and 4 quarter of the year while the summer seems to be acting as a ‘’pause ‘’ for risky asset class such as crypto market and BTC
The technical picture is neutral with a key support area between 53 700 and 57 400 acting as the lower part of the trading range while 68 000 and 73 000 are acting as the upper part of the trading range pattern.
Technical Key Elements:
- RSI indicator is negative below 50%
- The Moving average are neutral flattening around 65 000
- Fibonacci key resistance area at 73 000 and support at 53 700
Trade Idea conclusion: Neutral
- Tactical resistance 2: 73 000
- Tactical resistance 1: 68 000
- Tactical Support 1: 3060
- Tactical Support 2: 2740
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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