Market & Ticker: Bitcoin– BTC/USDT
Date: 29/11/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BTC almost reached 39000 first intermediate target, a larger rise towards 41200 is expected in the short-term before 47500/50000 area. 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 34700 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 34700 remains a daily support active a further direct bullish move is expected to 41200 before 47500 in extension which are the intermediate resistance on the way to 77000.
In alternative a failure below 34700 in the coming days/weeks will increase the risk to test 27000 while Strategic support stands at 24000
Technical Key Elements:
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RSI Indicator is evolving in bullish area – No divergence
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The Moving average are support
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Fibonacci key support is adjusted at 34700 while the key resistance is adjusted at 41200 & 47500
Trade Idea conclusion: Neutral - Range
Target 2: 47500
Target 1: 41200
Buy swing: add in dip area 37900
Stop: 34700 (daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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