BTC still on track within the upside trend

BTC

MARKET_MINDS

BULLISH

Market & Ticker: Bitcoin – BTC/USDT 

 

Date: 03/08/2023 
 


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

Scenario:  

 

BTC is still progressing within an ascending bullish channel after having trading range the last past 3 weeks. A direct bullish dynamic remains more likely 
 
As long as 28200 remains a tactical support valid a direct bullish move towards 32600 tactical confirmation level is expected – once this level is bypassed BTC will start an acceleration towards 36200 and 39000 a head of the halving 

 

 

Technical Key Elements: 

 

- Bullish channel is support at 28200 
- RSI indicator is close to lower part of the channel 
- The Moving average are acting as support on the near-term 
- Fibonacci key support is adjusted at 28200 while the Elliot wave shows upside potential towards 32600 and 36200 

 
Trade Idea conclusion:  Buy - Conviction:

 

:médaille:
:médaille:
Medium

 

Target 2: 36200 

Target 1: 32600 

Buy: add in dip area 29000 

Stop: 28200 

 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

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

 

 

 

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