Market & Ticker: Bitcoin– FTM/USDT
Date: 20/10/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
FTM maintains a capacity to hold above the key support at 0,1640 during the summer. The resistance at 0,2150 is still active, however the divergence on RSI is calling for an imminent bullish reaction.
At the current level, the 0,1640 key support area remains strong on a mid-term perspective, while RSI is clearly oversold and diverging. As long as 0,1640 Remains a daily support active a further direct bullish move is expected to 0,2650/0,2990 which is the resistance to watch on the long term to clearly confirming a larger recovery to 0,4150
Technical Key Elements:
- RSI indicator is diverging
- The Moving average are resistance
- Fibonacci key support is adjusted at 0,1640 while the key resistance is adjusted at 0,2150 and 0,2990
Trade Idea conclusion: Neutral - Range
Target 2: 0,2990
Target 1: 0,2660
Confirmation resistance: 0,2150
Buy swing: add in dip area 0,1830
Stop: 0,1640
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.