BTC/USDC - (Target Reached) BTC is evolving in consolidation without clear direction

Market & Ticker: Bitcoin – BTC/USDC

Date: 10/05/2024

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

Scenario: 

After having penetrated 60 000$ recently the BTC failed to accelerate significantly to the downside. The technical situation remains unclear (Neutral). Last week the bearish scenario below 64 200$ hs been challenged with a test of 64 200$, we turn Neutral at current level.

For the time being a break above 64 400$ key resistance would open a potential towards 69 500$ and max 77 000$ in extansion

However a failure below 64 400$ with a break of 58 900$ as key support the BTC will continue to progress in consolidation towards 53 900 and 48 700$

Technical Key Elements:

• Downside flag (Orange) potential at 53 900
• RSI Indicator is neutral
• The Moving average are resistance at 64200
• Fibonacci key support is adjusted at 53900 and 48700

Trade Idea conclusion: Bearish

• Tactical Targets up: 71500 and 77000
• Tactical Resistance: 64200
• Tactical Support: 58900
• Tactical targets down: 53900 and 48700

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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