Bitcoin confirmed a larger recovery

BTC

MARKET_MINDS

BULLISH

Date: 31/01/2023 
 
Horizon / Timing:  Mid-term / 1 to 3 months 
 
Update:  

22650 upper limit reached and surpassed. In our last Tactical mid-term analysis (15 January 2023) we defined a price action range between 16950 and 22650 with a recovery expected within the range towards 22650 as long 16950 remained Tactical support. 

 

Scenario:  

Bitcoin confirmed a larger recovery with a clear break above 22650 last week. 

At the current level, we expect a further bullish extension toward 28800 (+25%) with an intermediate target at 25100 in the short-term as long as 19750 remains a tactical support valid in daily close. 

Technical Key Elements: 

- The long-term trend analysis shows potential towards 28800 (+25%) before 32600 (40%) as long as 10200 Strategic support remains valid. 
- The RSI is in positive area with upside potential (No divergence) 
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal 
- Fibonacci key support is adjusted at 19750 while the Elliot wave shows upside potential towards 25100 first before 28800  

NB: ETH/BTC cross is close to support meaning that BTC should outperform ETH the coming next 2/3 weeks before seeing the long-term ETH outperformance re-activated 

 

 

Trade Idea conclusion: Buy - Conviction:
:médaille:
:médaille:
:médaille:

(High) 

 

 

Target 2: 28800 (25%) 

Target 1: 25100 (9%) 

Buy: add in dip area 21300 to 23570 

Stop: 19750 (-19%) 

  

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 


 

 

Trading Paper – Proprietary Wealth Bot (AKT) 

 

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