BTCUSD - What Next ?

BTCUSD - Technical analysis


Context: This week the BTC reached the 43K and 39K target (consolidation target) before accelerating toward the Strategic Key support at 28,600 - This consolidation was expected and it is not a surprised, however it was not easy to anticipate this volatility pushing the consolidation move to its extrem.
Keep in mind that we were anticipating a wave IV consolidation and the standard target was 39K and in extansion 28,600 - This element is important because it will not invalidate the bull run in progress on a long-term perspective and offer an opportunity to re enter at low price in the trend to play a last push up to print ATH in the coming days/weeks.

The next days will be important cause the wave IV is for now still on going , a triangle can be shaped or irregular consolidation pattern, we will be focus on elements step by step to understand the shape of the move. For now the first key level to surpassed is at 46000 to lower the downside risk.

KEY ELEMENTS TO WATCH

- Daily moving averages 21/55 crossed to the downside and are resistance at 46 000 (bearish)
- 3H moving average are 21:55 are resistance (bearish)
- Daily RSI on support (no div) - 3H RSI is on supoort with divergence (target 46 000)
- Elliot wave pattern : wave 4 max target at 22 000 and overlap at 14000 - Fibo key level at 46000 and triangle wave 4 target is at 56000

Conclusion:

For mid/long term player the bull run remain valid and a break above 46000 will allow more exposure, with 56000 surpassed a larger rise will be triggered to realise new ATH to 67700

For short-term player as long as 28,600 remains support, a setback to 34800 will offer a nice buy area (if we go there) to play 46000 (taking profit level) - If you want to anticipate the bullish breakout at 46000 you will need to tight the protection level to 34800 minimum.


Take care all