BTC reached intermediate target at 25100 – Tactical support adjusted at 21300

MARKET_MINDS BULLISH BTC

Market & Ticker: Bitcoin - BTC/USDT 

 

Date: 16/02/2023 
 

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

25100 intermediate target reached. In our last Tactical mid-term analysis (31 January 2023) we anticipated a further rise towards 28800 with an intermediate target at 25100 as long as 19750 was a Tactical Support valid. 

 

Scenario:  

 

Bitcoin is expected to progress towards the next upside target. 

At the current level, we expect a further bullish extension toward 28800 (+20%) as long as 21300 remains a tactical support valid in daily close. 

 

Technical Key Elements: 

 

- The long-term trend analysis shows potential towards 28800 (+20%) before 32600 (36%) as long as 10200 Strategic support remains valid. 
- The RSI is in positive area with upside potential (No divergence -purged) 
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal 
- Fibonacci key support is adjusted at 21300 while the Elliot wave shows upside potential towards 28800  

NB: ETH/BTC cross is close to support meaning that BTC should outperform ETH the coming next 1 or 2 weeks before seeing the long-term ETH outperformance re-activated 

 
Trade Idea conclusion:

Buy - Conviction
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High

 

Target 2: 32600 (36%) 

 

Target 1: 28800 (20%) 

 

Buy: add in dip area 23300  

 

Stop: 21300(-10%) 

  

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

 

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

 

 

 Akt Research

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