---- Short-term Analysis for the next coming 1 to 3 Weeks - Based on 3h Chart -------
BTC/USDT: Selling area reached - direct drop expected
Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. the actual bounce offers a sell opportunity
Market configuration
- Graphical Elements :
Graphical Resistance = 34000
Graphical support = 26000
- Mathematical Indicators:
EMA (Exp Moving averages) are still in bearish configuration
RSI indicator (below) is close to resistance = end of bounce
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) is missing - the market is actually finalizing the wave 4 = Selling level reached now
Fibonacci resistance of the wave 4 = 34000
Fibonacci support of the wave 5 C (4) is 22900
Fibonacci short-term wave = 27450
Conclusion
Prefered case => The BTC is expecting to be sold in the coming days as long as 34000 remains a reistance valid - the selling area has been reached and a new drop towards 27450/26000 Is expected
Alternative case => The BTC bounce above 34000. A daily close above 34000 will invalidate the last drop scenario to confirm a larger rise with a first target at 40700
BTC/USDT: Selling area reached - direct drop expected
Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. the actual bounce offers a sell opportunity
Market configuration
- Graphical Elements :
Graphical Resistance = 34000
Graphical support = 26000
- Mathematical Indicators:
EMA (Exp Moving averages) are still in bearish configuration
RSI indicator (below) is close to resistance = end of bounce
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) is missing - the market is actually finalizing the wave 4 = Selling level reached now
Fibonacci resistance of the wave 4 = 34000
Fibonacci support of the wave 5 C (4) is 22900
Fibonacci short-term wave = 27450
Conclusion
Prefered case => The BTC is expecting to be sold in the coming days as long as 34000 remains a reistance valid - the selling area has been reached and a new drop towards 27450/26000 Is expected
Alternative case => The BTC bounce above 34000. A daily close above 34000 will invalidate the last drop scenario to confirm a larger rise with a first target at 40700
Trade closed: target reached
TArget reached
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.