BTC/USDT: Waiting for Bullish reversal confirmation 

Brian Leclere - 28 June 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: Waiting for Bullish reversal confirmation

Context
– The Global Crypto market leads by BTC and ETH were evolving within a bearish market configuration. There is now some signs of exhaustion after having bouncing off yearly key support at 18800 BTC in parallel of 880 of ETH.
– The Main element to focus on stands at 24400 to reintegrate in order to lower the downside risk

Previous Analysis 30/05/2022 :

BTC/USDT: Last drop to 22900 before recovery expected

Market configuration

– Graphical Elements :
Breakout Potential (Blue arrows) = 22900/18800 (buying area reached)
Graphical Resistance = 33000
Graphical Support = 18800 & 10500

– Mathematical Indicators:
EMA ( Exp Moving averages) are resistances and 34 EMA resistance = 24400
RSI indicator (below) is bouncing of key support but still below 50% = Neutre

– Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed – calling for a an agressive recovery in a bullish Elliot scenario
Fibonacci resistance of the wave 4 = 33000
Fibonacci support of the wave 5 C (4) is 18800
Fibonacci upside target = 42000
Fibonacci downside target = 12400/10500

Conclusion

Prefered case => The BTC is expecting to recover after having reached the key yearly support in parallel of ETH and SP500 (18800) – As long as 18800 we are expecting in any case a test of 24400 before validating a bullish breakout towards 33000
Alternative case => In case of BTC will not surpass 24400, a drop towards 18800 and a break below this level will open the door towards a significant bearish move towards 12400/10500

Source:

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