Market & Ticker: Bitcoin – BTC/USDC

Date: 18/05/2024

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

Scenario: 

The BTC is progressing within a range structure since mid-March 2024. The technical configuration is showing bullish pre-signal confirming a test of the previous top area at 73 000$ which could be surpassed in the next weeks by triggering a daily close above 73 000$ opening the 79 200$ resistance.

At this current price we do not have enough element to avoid a failure below 73 000$ and a further range configuration, however the support at 60 000$ is strong allowing BTC to trade above this level even in a longer range configuration

As long as 60 000$ remains a support valid a test of 69 500$ before 73 000$ is likely and 79 200$ in extension by confirming the current bullish pre-signal.

Technical Key Elements:

• Downside flag (Orange) upside breakout triggered
• RSI Indicator is positive above 50%
• The Moving average are now support above 62 000
• Fibonacci key support is adjusted at 6000 while 73 000 is adjusted at resistance

Trade Idea conclusion: Bearish

• Tactical Target 2: 79200
• Tactical Target 1: 73000
• Tactical Support: 60000
• Tactical alternative targets down: 53900 and 48700

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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