---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------
BTC/USDT: Bullish move not confirmed yet - Underperforming ETH
Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend - The BTC reached the buying area from the previous analysis
- For now BTC is underperforming ETH, the upside target has been adjusted taking this element in consideration
- Watch 24900 as key level to surpassed
Previous Analysis 28/06/2022 : https://www.tradingview.com/chart/BTCUSDT/FKcpH9Wc-BTC-USDT-Waiting-for-Bullish-reversal-confirmation/
Market configuration
- Graphical Elements :
Graphical Resistance = 24900 & 28800
Graphical Support = 17700
- Mathematical Indicators:
EMA (Exp Moving averages) are resistances at 24900 = Bearish
RSI indicator (below) is bounced off key support but remains at 50% = Neutral
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed - calling for a an aggressive recovery in a bullish Elliot scenario
Fibonacci resistance of the wave (iii) = 28800
Fibonacci support of the wave (iii) is 20300
Fibonacci upside target = 32600
Fibonacci downside target = 17700
Conclusion
Prefered case => The BTC is expecting to shape a further rise above 20300, a bypass above 24900 MUST be triggered to lower the downside risk and open 28800
Warning : Consider ETH/BTC chart before adjusting the weight the BTC in a portfolio, for the time being ETH is clearly outperforming the BTC on current level
Alternative case => In case of BTC will not surpass 20300, a drop towards 17700 can't be ignored (double bottom configuration
BTC/USDT: Bullish move not confirmed yet - Underperforming ETH
Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend - The BTC reached the buying area from the previous analysis
- For now BTC is underperforming ETH, the upside target has been adjusted taking this element in consideration
- Watch 24900 as key level to surpassed
Previous Analysis 28/06/2022 : https://www.tradingview.com/chart/BTCUSDT/FKcpH9Wc-BTC-USDT-Waiting-for-Bullish-reversal-confirmation/
Market configuration
- Graphical Elements :
Graphical Resistance = 24900 & 28800
Graphical Support = 17700
- Mathematical Indicators:
EMA (Exp Moving averages) are resistances at 24900 = Bearish
RSI indicator (below) is bounced off key support but remains at 50% = Neutral
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed - calling for a an aggressive recovery in a bullish Elliot scenario
Fibonacci resistance of the wave (iii) = 28800
Fibonacci support of the wave (iii) is 20300
Fibonacci upside target = 32600
Fibonacci downside target = 17700
Conclusion
Prefered case => The BTC is expecting to shape a further rise above 20300, a bypass above 24900 MUST be triggered to lower the downside risk and open 28800
Warning : Consider ETH/BTC chart before adjusting the weight the BTC in a portfolio, for the time being ETH is clearly outperforming the BTC on current level
Alternative case => In case of BTC will not surpass 20300, a drop towards 17700 can't be ignored (double bottom configuration
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.