---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------
BTC/USDT: Waiting for Bullish reversal confirmation
Context - The Global Crypto market leads by BTC and ETH were evolving within a bearish market configuration. There is now some signs of exhaustion after having bouncing off yearly key support at 18800 BTC in parallel of 880 of ETH. - The Main element to focus on stands at 24400 to reintegrate in order to lower the downside risk
- Graphical Elements : Breakout Potential (Blue arrows) = 22900/18800 (buying area reached) Graphical Resistance = 33000 Graphical Support = 18800 & 10500
- Mathematical Indicators: EMA ( Exp Moving averages) are resistances and 34 EMA resistance = 24400 RSI indicator (below) is bouncing of key support but still below 50% = Neutre
- Elliot & Harmonic Wave (Fibonacci): A last drop to draw the wave 5 C (4) has been completed - calling for a an agressive recovery in a bullish Elliot scenario Fibonacci resistance of the wave 4 = 33000 Fibonacci support of the wave 5 C (4) is 18800 Fibonacci upside target = 42000 Fibonacci downside target = 12400/10500
Conclusion
Prefered case => The BTC is expecting to recover after having reached the key yearly support in parallel of ETH and SP500 (18800) - As long as 18800 we are expecting in any case a test of 24400 before validating a bullish breakout towards 33000 Alternative case => In case of BTC will not surpass 24400, a drop towards 18800 and a break below this level will open the door towards a significant bearish move towards 12400/10500
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