BTC bull run confirmed!

BTC

MARKET_MINDS

BULLISH

Market & Ticker: Bitcoin– BTC/USDT 

 

Date: 24/10/2023 

 


Horizon / Timing:  Tactical Mid-term / 1 to 3 months

 

 

Scenario:  

 

BTC succeeded in bypassing 29700 and 32600 in a row in the last past two weeks confirming the preferred our scenario of the last past month. 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 30000 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 30000 Remains a daily support active a further direct bullish move is expected to 36200 before 39000 which are the intermediate resistance on the way to 50000. 
 
In alternative a failure below 30000 in the coming days/weeks will increase the risk to test 26000 tactical supports before re-engaging the recovery 

 

Technical Key Elements: 


- RSI indicator is bullish above 50% 
- The Moving average are support 
- Fibonacci key support is adjusted at 30000 while the key resistance is adjusted at 36200 and 39000 

 
Trade Idea conclusion:  Neutral - Range 

 

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:médaille:
 Medium

Target 2: 39000 

Target 1: 36200 

Buy swing: add in dip area 33200 

Stop: 30000 

 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

 

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

 

 


 

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