Market & Ticker: Bitcoin– BTC/USDT
Date: 18/08/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BTC failed to accelerate to 32800 the last two weeks before penetrating the lower part of the bullish channel at 28200. At the current level a neutrality zone has been established between 23600 and 2900 to wait for a new bullish set up to be provided by the price action. The 23600/25000 key support area remains strong on a mid-term perspective, we gonna wait for an exhaustion of the current bearish momentum and see how the market is reacting in the next days above this support. In other words, a trading range (pause) is likely between 23600 and 29000 only a clear break above 29000would provide a new bullish signal. The short-term trader can take advantage of the 23600/25000 area to anticipate the bullish signal and open bullish positions.
Technical Key Elements:
- Bullish channel invalidated at 28200 - RSI indicator is bearish and still shows downside potential - The Moving average are anow resistance - Fibonacci key support is adjusted at 23600 while the key resistance is adjusted at 29000
Trade Idea conclusion: Neutral - Range
· Target 1: 29000
· Buy swing: add in dip area 25000
· Stop: 23600
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving A
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.
