Market & Ticker: Bitcoin– BTC/USDT
Date: 05/12/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BTC reached 41800 as expected in the previous analysis. At the current level, the 38400 key support area remains strong on a short-term perspective, while RSI and Moving averages are now active on the bullish side. As long as 38400 remains a tactical support active a further direct bullish move is expected to 43800 before 47600 in extension (upper limit of the recovery channel) which is the intermediate resistance on the way to 77000.
BTC started its bull-run in early 2023 and is expecting to progress to 77000 on a longer run
In alternative a failure below 38400 in the coming days/weeks will increase the risk to test 33500 while Strategic support stands at 25500
Technical Key Elements:
- RSI Indicator is evolving in bullish area – No divergence
- The Moving average are support
- Fibonacci key support is adjusted at 38400 while the key resistance is adjusted at 47600
Trade Idea conclusion: Bullish - Strong conviction
• Target 2: 47600 • Target 1: 43800 • Buy swing: add in dip area 41900 • Stop: 3840 (daily close)
More Analysis on Telegram : Rayn Market Minds
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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