BTC/USDC - BTC progressing in range with bullish exit pre-signal
Market & Ticker: Bitcoin – BTC/USDC
Date: 18/05/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The BTC is progressing within a range structure since mid-March 2024. The technical configuration is showing bullish pre-signal confirming a test of the previous top area at 73 000$ which could be surpassed in the next weeks by triggering a daily close above 73 000$ opening the 79 200$ resistance.
At this current price we do not have enough element to avoid a failure below 73 000$ and a further range configuration, however the support at 60 000$ is strong allowing BTC to trade above this level even in a longer range configuration
As long as 60 000$ remains a support valid a test of 69 500$ before 73 000$ is likely and 79 200$ in extension by confirming the current bullish pre-signal.
Technical Key Elements:
- Downside flag (Orange) upside breakout triggered
- RSI Indicator is positive above 50%
- The Moving average are now support above 62 000
- Fibonacci key support is adjusted at 6000 while 73 000 is adjusted at resistance
Trade Idea conclusion: Bearish
- Tactical Target 2: 79200
- Tactical Target 1: 73000
- Tactical Support: 60000
- Tactical alternative targets down: 53900 and 48700
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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