Market & Ticker: Bitcoin – BTC/USDT
Date: 12/02/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
Since January 2024 the BTC was in ‘’pause’’ configuration prior to halving in April. Last week the technical elements in place to maintain an extension of the pause have been invalidated with a test of 50 100 key resistance – We update the mid-term view from bearish (consolidation in range) to bullish.
As long as 42 000 remains a tactical support valid, BTC is expected tp progress towards 52 200 level considered as an acceleration level (upper part of the channel) to liberate the potential towards 60 000
Technical Key Elements:
- RSI Indicator bouncing off 50% area (Positive)
- The Moving average are now support and are accelerating to the upside (Positive)
- Fibonacci key support is adjusted at 42 000 while the key resistance is adjusted at 52 200 and 60 000
Trade Idea conclusion: Bullish
Target 2: 60 000
Target 1: 52 200
Tactical Support: 42 000
Alternative Target 1: 39 600 and 37 200
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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