BTC/USDT : Daily View, Opportunity to enter in the bullish trend

BTC/USDT : Daily View - Opportunity to enter in the bullish trend above 40800

Context :

Following my previous Mid/long run analysis here :

You will find below the short-term element leaning towards a new direct rise from the bottom reached the last past hours.

Daily View - 1 to 3 days - 3H chart basis

On a short run the BTC formed a range pattern with a lower part at 42800/42100 (entry level area) corresponding to the EMA (Exp Moving average) accumulating bullish momentum. The RSI indicator is also coming back to 50% which is quit healthy after having shape a small divergence.

Looking at Harmonic and Elliot wave structure we are still expecting a formation of a wave 3 in the 51K/ 52300 area

Conclusion

as long as 40800 remains daily key support on 3H close basis a larger rise towards 51K first and 52300 is expected before starting in pause like a range in wave 4 in the coming days.

In case of 40800 downside breakout the market will provie a bearish pre-signal jeopardizing the recent bullish reversal with 37800 as short-term alternative Target

Comment:

Update:

The Key Daily Picot level is adjusted to an area of 39700/40800 in case of test.

However the picture remains bullish - the entry area remains valid (now)

Trade closed: stop reached:

Support updated at 42500 and penetrated.