---- Short-term Analysis for the next coming days - Hourly Chart (LOG)-------
BTC/USDT: Bullish set up above 18800/19800 (update)
Context - The BTC reversed up above yearly key support at 18880 (excess 17900) before drawing a start of bullish reversal within a bullish channel - The short-term upside potential is 24400 for now (tactical upside confirmation level on the mid-term basis)
previous analysis 29/06/2022 :
Market configuration
- Graphical Elements : Graphical Resistance = 24400 & 22500 Graphical Support = 18800 & 19800
- Mathematical Indicators: EMA ( Exp Moving averages) are mixed = Neutral RSI indicator (below) is progressing within a bullish channel = bullish
- Elliot & Harmonic Wave (Fibonacci): Fibonacci Target (4) has been already reached = 18800 Fibonacci support of the wave in progress = 19500 Fibonacci Bullish Target = 24400 Fibonacci Bearish Target = 16600
Conclusion
Preferred case => As long as 18800 remains support, we are focus a bullish upside swing towards 21700 and 24400 the tactical upside confirmation level Alternative case => Breaking 18800 new bearish attack towards 16600 will occur
Trade closed: target reached
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Target reached at 24400 = Upside confirmation level on mid-term basis