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 |  | | | 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)
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