BTC/USDC - (Target Reached) Following the recent sharp drop towards 48 700, BTC is expected to recover towards 73 000
Market & Ticker: Bitcoin – BTC/USDC
Date: 19/08/2024
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 calling for a risk of recession and geopolitical tension raising in Middle east associated to the actual selling pressure on crypto market are maintaining BTC in 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).
Last week, BTC surpassed 57 000 confirmation resistance - At current price we are focus on 52 300 Key support to develop a recovery towards 65 000 and 73 000 in case of a global BTC surperformance versus top 100 crypto market.
Technical Key Elements:
- RSI indicator is negative – No divergence
- The Moving average are resistance
- Fibonacci key resistance area at 65 000 and support at 52 300
- Elliot wave pattern is jeopardized with 2 consolidation scenarios (wave 4 or potential wave 2)
Trade Idea conclusion: Neutral
- Tactical Bullish target max: 73 000
- Tactical Bullish target: 65 000
- Tactical Pivot support: 52300
- 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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