BTC/USDC - (Target Reached) BTC exit range below 60 000 confirming a further downside risk
Market & Ticker: Bitcoin – BTC/USDC
Date: 16/04/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The BTC broke 60 000 key support area last week highlighting a risk of larger consolidation towards 53900 and 48600
At current price, we turn neutral to bearish with 64200 as key resistance to watch. Below 64200 we do prefer an extansion of the consolidation towards 53900 and max 48600 before resuming the bullish trend
Technical Key Elements:
- Range exit shows downside potential at 50 000
- RSI Indicator is negative
- The Moving average are resistance at 61100/64200
- Fibonacci key support is adjusted at 53900 and 48700
Trade Idea conclusion: Bearish
- Tactical Targets up: 71500 and 77000
- Tactical Resistance: 64200
- Tactical targets down: 53900 and 48700
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.
