---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------
BTC/USDT: Last drop to 22900 before recovery expected
Context The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. There is some signs of exhaustion approaching the key support area at 22900 leaning towards a last drop before expecting a multi weeks recovery.
- Mathematical Indicators: EMA (Exp Moving averages) are resistances and 21 EMA resistance = 30900 RSI indicator (below) is still in the red area below 50% without divergence = Bearish
- Elliot & Harmonic Wave (Fibonacci): A last drop to draw the wave 5 C (4) is missing - the market is actually finalizing the wave 4 = Selling level reached now Fibonacci resistance of the wave 4 = 34000 Fibonacci support of the wave 5 C (4) is 22900 and in extansion maximum 18800
Conclusion
Prefered case => The BTC is expecting to complete a last drop towards 22900 as standard target level as long as 34000 remains resistance - Only once the drop has been done we can start to focus on a multi weeks bullish reversal scenario. Alternative case => The BTC bounce above 34000. A daily close above 34000 will invalidate the last drop scenario to confirm a larger rise towards 45400.
Trade closed: target reached
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Close to 22900
We are in wait and see mode, the BTC must hold above 22900 in daily close to lower a further downside risk
Trade closed: target reached
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We are no trying to hold above the major key level at 18800
Only a clear ''soft landing'' plan from FED + an extansion of anti-defragmentation plan by BCE can help the market to surge and invert the psychology on going