BTC/USDC - (Target Reached - new analysis coming soon) BTC reached the upper part of the range – a bullish exit is imminent
Market & Ticker: Bitcoin – BTC/USDC
Date: 28/10/2024
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 is now leaning towards further US rate cut a head of the next FED rate decision expected for December 2024 (- 0,5%). This is the key macroeconomic factor to engage a new robust upside trend on risky asset class such as Bitcoin.
On the 5th November the US election will provide a clearer orientation for the US economy orientation opening the door for further volatility to the upside.
The BTC reached 69100 intermediate tactical target corresponding the upper part of the range. A larger recovery and bullish exit from the range is now a preference. We adjust the tactical support at 63000 to anticipate a further recovery towards 72100 and 77000
Technical Key Elements:
- RSI indicator is at 50%
- The Moving average are support
- Fibonacci key resistance area at 72100 and support at 63000
- Elliot wave pattern is calling for a new upside trend in wave 5
Trade Idea conclusion: (buy)
- Tactical Bullish target max: 77 000
- Tactical target : 72100
- Tactical Pivot support: 63000
- Tactical alternative bearish target: 55000
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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