BTC/USDC - (Target Reached) BTC reached 67 000 and remains in trading range
Market & Ticker: Bitcoin – BTC/USDC
Date: 30/07/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The Bitcoin (BTC) remains stuck within a wide trading range pattern Since March 2024. The recent halving of the Bitcoin combined to a significant BTC supply exchanged by some whales such as German Government since last weeks are adding pressure below 73 000 forming a consolidation pattern with mixed trend following technical elements.
This consolidation is expected to end between Summer 2024 and November 2024 a head of the US election and new regulation frame in Europe (MICA).
The bullish technical picture of the beginning of July remains active with thoric test of 73 000 resistance a head before accumulating more momentum till September to surpass the resistance and opening 80 500 the next upside step.
Technical Key Elements:
- RSI indicator is now positive after having test oversold area
- The Moving average are neutral flattening around 63 500 (Range)
- Fibonacci key resistance area at 73 000 and support at 58 900
- Elliot wave pattern is calling for a range in wave (4) - Consolidation
Trade Idea conclusion: Trading Range before bullish exit.
- Tactical target: 80 500
- Tactical confirmation resistance 73 000
- Tactical confirmation support: 58 900
- Tactical alternative target: 53 700 and 48 700
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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