---- 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