Market & Ticker: Bitcoin – BTC/USDT

Date: 11/03/2024

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

Scenario: 
Since end of January the BTC is on track to progress towards the next tactical resistances sets at 73 000 (almost reached). At current price considering the new technical element we adjusted the tactical support from 52400 to 60 000 to anticipate a further progression towards 77 000 historical tops before 89  000.

As long as 60 000 remains a tactical support valid, BTC is expected to progress towards 77 000 level before the next strategic first target at 89 000. 

 

Technical Key Elements:

• Bullish channel exit shows upside potential above 89 000 (NEW)
• RSI Indicator remains in positive area
• The Moving average are still support and are accelerating to the upside (Positive)
• Fibonacci key support is adjusted at 60 000 while the key resistance is adjusted at 77 000 and 103 000

Trade Idea conclusion:  Bullish

• Target 2: 89 000
• Target 1: 77 000
• Tactical Support: 60 000
• Alternative Target 1: 52 800 and 38 400

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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