BTC is expected to test 39000 – Bull Run in progress


Market & Ticker: Bitcoin– BTC/USDT 


Date: 02/11/2023 

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





BTC almost reached 36200 first intermediate target, a larger rise towards 39000 is expected in the short-term before 50000. 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 30700 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 30700 Remains a daily support active a further direct bullish move is expected to 39000 before 39000 which are the intermediate resistance on the way to 50000. 
In alternative a failure below 30700 in the coming days/weeks will increase the risk to test 27000 while Strategic support stands at 23600 


Technical Key Elements: 

- RSI indicator is evolving in bullish area – No divergence 
- The Moving average are support 
- Fibonacci key support is adjusted at 30700 while the key resistance is adjusted at 39000 

Trade Idea conclusion:  Neutral - Range 


Target 2: 50000 

Target 1: 39000 

Buy swing: add in dip area 33200 

Stop: 30700 (daily close) 




Chart: Daily Basis (Candle Stick) - Logarithmic  


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



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