BTC is expected to test 43800 and 47600 in extension – ''Last push before consolidation’’

BTC

MARKET_MINDS

BULLISH

Market & Ticker: Bitcoin– BTC/USDT

Date: 05/12/2023

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

Scenario:

BTC reached 41800 as expected in the previous analysis. At the current level, the 38400 key support area remains strong on a short-term perspective, while RSI and Moving averages are now active on the bullish side. As long as 38400 remains a tactical support active a further direct bullish move is expected to 43800 before 47600 in extension (upper limit of the recovery channel) which is the intermediate resistance on the way to 77000.

BTC started its bull-run in early 2023 and is expecting to progress to 77000 on a longer run

In alternative a failure below 38400 in the coming days/weeks will increase the risk to test 33500 while Strategic support stands at 25500

Technical Key Elements:

  • RSI Indicator is evolving in bullish area – No divergence
  • The Moving average are support
  • Fibonacci key support is adjusted at 38400 while the key resistance is adjusted at 47600

Trade Idea conclusion: Bullish - Strong conviction

• Target 2: 47600 • Target 1: 43800 • Buy swing: add in dip area 41900 • Stop: 3840 (daily close)

More Analysis on Telegram : Rayn Market Minds

Chart: Daily Basis (Candle Stick) - Logarithmic

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

btc3.png

Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.

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