BTC/USDT: Complex configuration - close to key support at 20300

---- Short-term Analysis for the next coming days - Based on 3H Chart Basis -------

BTC/USDT: Complex configuration - close to key support at 20300

Context
- The BTC challenged the key tactical resistance (bypass) at 24900 - Level to surpassed on the mid-term in order to validate a further bullish potential
- The BTC doesn't benefit about the positive news flow around the ''Merge'' with ETH
- The BTC is underperforming the ETH and also SNP500 and it is expected to continue (BTC already below key Moving average)
- The Elliot wave configuration is not clear, with 2 possibility of waves development.


Market configuration
- Graphical Elements :
Graphical support = 20300 / 17700
Graphical Resistance = 22890 / 24900

- Mathematical Indicators:
EMA ( Exp Moving averages) are resistance and flatening = Bearsih / Neutral
RSI indicator (below) is below 50% with a limited room to the downside = Neutral

- Elliot & Harmonic Wave (Fibonacci): Unclear Elliot wave configuration - both impulsive and corrective move can be identified.

Fibonacci bullish wave target at 22890 before 24900
Fibonacci bullish wave support at 20300 (tactical support)
Fibonacci bearish wave target at 19120 and 17700 (strategic support)

Conclusion

Prefered case => We are watching 20300 as short-term key support to hold in order to limit the consolidation in a minor area. Then a trading range before a new rise towards 22890 and 24900 is likely. The conviction is Moderate.

Alternative case => Breaking 20300 the tactical support will be invalidated opening the door towards 19120 and 17700 (double bottom at Strategic support)

NOTE => BTC is now suffering about underperformance versus ETH and SNP500, having ETH or BTC in portfolio is the same thematic, we advise to operate on ETH on the long side instead of BTC - However the Bearish player will select BTC to anticipate a further downside consolidation.

Trade closed: stop reached:

New update is coming soon