Date: 31/01/2023
Horizon / Timing: Mid-term / 1 to 3 months
Update:
22650 upper limit reached and surpassed. In our last Tactical mid-term analysis (15 January 2023) we defined a price action range between 16950 and 22650 with a recovery expected within the range towards 22650 as long 16950 remained Tactical support.
Scenario:
Bitcoin confirmed a larger recovery with a clear break above 22650 last week.
At the current level, we expect a further bullish extension toward 28800 (+25%) with an intermediate target at 25100 in the short-term as long as 19750 remains a tactical support valid in daily close.
Technical Key Elements:
- The long-term trend analysis shows potential towards 28800 (+25%) before 32600 (40%) as long as 10200 Strategic support remains valid.
- The RSI is in positive area with upside potential (No divergence)
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal
- Fibonacci key support is adjusted at 19750 while the Elliot wave shows upside potential towards 25100 first before 28800
NB: ETH/BTC cross is close to support meaning that BTC should outperform ETH the coming next 2/3 weeks before seeing the long-term ETH outperformance re-activated
| Trade Idea conclusion: Buy - Conviction: |  | | | (High)
|
Target 2: 28800 (25%)
Target 1: 25100 (9%)
Buy: add in dip area 21300 to 23570
Stop: 19750 (-19%)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
Trading Paper – Proprietary Wealth Bot (AKT)