---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------
BTC/USDT: Bullish reversal tentative within bear market pressure
Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend
- 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 17/09/2022 :
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 = Bullish
- 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 (3) = 28800
Fibonacci support of the wave (2) is 17700
Fibonacci upside target = 32600
Fibonacci downside target = 12400
Conclusion
Prefered case => The BTC is expecting to shape a further rise above 17700, 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 24900, a drop towards 17700 before penetrating the key support and open a larger drop to 12400
BTC/USDT: Bullish reversal tentative within bear market pressure
Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend
- 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 17/09/2022 :
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 = Bullish
- 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 (3) = 28800
Fibonacci support of the wave (2) is 17700
Fibonacci upside target = 32600
Fibonacci downside target = 12400
Conclusion
Prefered case => The BTC is expecting to shape a further rise above 17700, 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 24900, a drop towards 17700 before penetrating the key support and open a larger drop to 12400
CIO & Head of market research (Automata - Akt.io)
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