BTCUSD 43K target reached, up swing move expected
BTCUSD (Bitcoin) - Technical analysis
Context : Following previous analysis https://www.tradingview.com/chart/BTCUSD/ZX3MR5hA-BTCUSD-Stuck-in-Range-Pattern-below-61200/ the BTCUSD reached the downside target (consolidation) at 43000. Now a new upside move is expected after having shaped the Wave IV consolidation pattern.
Key element:
- RSI shows divergance
- 39/43K key elliot wave target + fibo support
- 54375 key resistance (confirmation level) = target 1 to 3 days
Conclusion
Turn Bullish above 39K/43K to play new test of previous highs by surpassing 54375 short-term target. Only a clear break above 54375 would lower the downside risk
Context : Following previous analysis https://www.tradingview.com/chart/BTCUSD/ZX3MR5hA-BTCUSD-Stuck-in-Range-Pattern-below-61200/ the BTCUSD reached the downside target (consolidation) at 43000. Now a new upside move is expected after having shaped the Wave IV consolidation pattern.
Key element:
- RSI shows divergance
- 39/43K key elliot wave target + fibo support
- 54375 key resistance (confirmation level) = target 1 to 3 days
Conclusion
Turn Bullish above 39K/43K to play new test of previous highs by surpassing 54375 short-term target. Only a clear break above 54375 would lower the downside risk
Note
WARNING !!The is a global risk off mode on going on crypto with ETH to 2300 and some shitcoin in struggle.
Only 46000 reintegrated fast would lower a direct downisde risk.
Conviction to see a strat of strong upside move from here is low, below 39K in case of clear break we go to 28200...
TAKE CARe - don't use marging
Trade closed: stop 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.