Date: 11/07/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
Bitcoin is expected to progress towards 2380. A break above 2170 in daily close would open the next upside target at 2380 and 2650
As long as 1700 remains a support valid in daily close a direct bullish move is expected
Technical Key Elements:
- ETH keeps potential to test the form Breakout: Bear Market area at 2170/2650
- RSI indicator is positive with a bullish signal valid and upside potential
- The Moving average crossed to the upside and act as support
- Fibonacci key support is adjusted at 1700 while the Elliot wave shows upside potential towards 2380 and 2650
NB: ETH/BTC cross is still calling for BTC outperforming
Trade Idea conclusion: Buy - Conviction:
 | | Medium |
Target 2: 2650
Target 1: 2380
Upside confirmation level at 2170 (Daily close)
Buy: add in dip area 1850
Stop: 1700
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
