Market & Ticker: Bitcoin– BTC/USDT
Date: 11/12/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The configuration of BTC is showing a risk of pause before the long-term bullish move expected in 2024. We will monitor the movements in the next day's keeping in mind that the probability of seeing a pause to 33500 is now more likely than a direct bullish move above 47600
We turn neutral between 39500 and 47600 in order to wait a clearer signal.
Technical Key Elements:
- RSI Indicator is showing bearish signal at resistance
- The Moving average are support
- Fibonacci key support is adjusted at 39500 while the key resistance is adjusted at 47600
Trade Idea conclusion: Neutral
- Target 1: 60000
- Neutral resistance: 47600
- Neutral support: 39500
- Target 1: 33500
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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