Market & Ticker: Bitcoin– BTC/USDT
Date: 02/10/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BTC maintains a capacity to hold above the key support at 25000 during the summer. The resistance at 29300 is still active, however all the statistical technical elements are oriented to the upside calling for a possible Bull Run start.
At the current level, the 25600 key support area remains strong on a mid-term perspective, while RSI and Moving averages are now active in the bullish side. As long as 25600 Remains a daily support active a further direct bullish move is expected to 32600 which is the resistance to watch on the long term to clearly confirming the end of the bear market.
In alternative a failure below 29300 in the coming days/weeks will increase the risk to penetrate 25600 before opening 23600 max 21300 before engaging a clear bull run scenario.
Technical Key Elements:
- RSI indicator is bullish above 50%
- The Moving average are support
- Fibonacci key support is adjusted at 25600 while the key resistance is adjusted at 29300 and 32600
Trade Idea conclusion: Neutral - Range
 | | Medium |
Target 1: 32600
Confirmation resistance: 29300
Buy swing: add in dip area 27000
Stop: 23600
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
