Market & Ticker: Bitcoin– BTC/USDT
Date: 02/11/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BTC almost reached 36200 first intermediate target, a larger rise towards 39000 is expected in the short-term before 50000. There are no elements to force the BTC to retest the previous lows, all the lights are green for a multi-week recovery ahead of halving in April 2024.
At the current level, the 30700 key support area remains strong on a short-term perspective, while RSI and Moving averages are now active in the bullish side. As long as 30700 Remains a daily support active a further direct bullish move is expected to 39000 before 39000 which are the intermediate resistance on the way to 50000.
In alternative a failure below 30700 in the coming days/weeks will increase the risk to test 27000 while Strategic support stands at 23600
Technical Key Elements:
- RSI indicator is evolving in bullish area – No divergence
- The Moving average are support
- Fibonacci key support is adjusted at 30700 while the key resistance is adjusted at 39000
Trade Idea conclusion: Neutral - Range
Target 2: 50000
Target 1: 39000
Buy swing: add in dip area 33200
Stop: 30700 (daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
