Market & Ticker: Bitcoin – BTC/USDT
Date: 07/02/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The configuration of BTC is showing a pause configuration before the long-term bullish move expected in 2024. We will monitor the movements in the next day's keeping in mind that the perfect buying area is now set at 35500/32000 area before engaging the next upside trend.
After having reached 390002 weeks ago the BTC is bouncing off in intermediate recovery to 45000 ideally before a new test of the support.
Technical Key Elements:
- RSI Indicator was showing divergence but remains above 50%
- The Moving average are now mixed / FLat
- Fibonacci key support is adjusted at 35500 while the key resistance is adjusted at 50100 and 45000
Trade Idea conclusion: Bearish
Alternative Target 1: 60000
Tactical resistance: 50100
Target 1: 35500
Target 2: 32000
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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