BTC/USDT: Bullish move not confirmed yet – Underperforming ETH

Brian Leclere - 17 August 2022 - APP BTC MARKET_MINDS MEDIUM_TERM

—- Mid-term Analysis for the next coming 4 weeks to 3 months – Based on Daily Chart ——-

BTC/USDT: Bullish move not confirmed yet – Underperforming ETHContext
– The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend – The BTC reached the buying area from the previous analysis
– For now BTC is underperforming ETH, the upside target has been adjusted taking this element in consideration
– Watch 24900 as key level to surpassed

Previous Analysis 28/06/2022 :

BTC/USDT: Waiting for Bullish reversal confirmation

Market configuration

– Graphical Elements :

Graphical Resistance = 24900 & 28800
Graphical Support = 17700

– Mathematical Indicators:
EMA ( Exp Moving averages) are resistances at 24900 = Bearish
RSI indicator (below) is bounced off key support but remains at 50% = Neutral

– Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed – calling for a an aggressive recovery in a bullish Elliot scenario
Fibonacci resistance of the wave (iii) = 28800
Fibonacci support of the wave (iii) is 20300
Fibonacci upside target = 32600
Fibonacci downside target = 17700

Conclusion

Prefered case => The BTC is expecting to shape a further rise above 20300, a bypass above 24900 MUST be triggered to lower the downside risk and open 28800

Warning : Consider ETH/BTC chart before adjusting the weight the BTC in a portfolio, for the time being ETH is clearly outperforming the BTC on current level

Alternative case => In case of BTC will not surpass 20300, a drop towards 17700 can’t be ignored ( double bottom configuration

Source: BTC/USDT: Bullish move not confirmed yet – Underperforming ETH

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