Bitcoin / TetherUSUpdated BTC/USDT: Neutral between 19400 and 24900 (Caution)
--- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------
BTC/USDT: Neutral between 19400 and 24900 (Caution)
Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend this summer - however the market is now challenging the capacity to go higher, 24900 never been reintegrated
- The global macro remains bearish (Crypto + Stocks market) leads by hawkish ton from central bank and a further inflation risk context
- BTC could outperform ETH in order to let ETH be aligned in term of price with ETH
Previous Analysis 09/09/2022 : https://www.tradingview.com/chart/ETHUSDT/urRqiIBC-ETH-USDT-Turn-neutral-1465-and-1800-Downside-risk-active/
Market configuration
- Graphical Elements :
Graphical Resistance = 24900 & 28800
Graphical Support = 19400
- Mathematical Indicators:
EMA ( Exp Moving averages) are resistances at 24900 = Bearish
RSI indicator (below) is below 5% with no divergence = Bearish
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed - however 24900 never been surpassed
Fibonacci resistance of the wave (3) = 28800
Fibonacci support of the wave (2) is 19400
Fibonacci upside target = 32600
Fibonacci downside target = 16100 / 14600 / 12400
Conclusion
Combining the fondamental situation (Global macro fighting against inflation with hawkish ton from FED) + Technical Elements , it now hard to find element to call for a further recovery, it is better to protect the gains from the summer and wait for clearer situation
Neutral : We turn Neutral between 19400 and 24900, a break below 19400 would validate a further downside towards 16100 first max 14100 for the moment - Only a strong short-squeeze reintegrating 24900 would jeopardize the bear market.
BTC/USDT: Neutral between 19400 and 24900 (Caution)
Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend this summer - however the market is now challenging the capacity to go higher, 24900 never been reintegrated
- The global macro remains bearish (Crypto + Stocks market) leads by hawkish ton from central bank and a further inflation risk context
- BTC could outperform ETH in order to let ETH be aligned in term of price with ETH
Previous Analysis 09/09/2022 : https://www.tradingview.com/chart/ETHUSDT/urRqiIBC-ETH-USDT-Turn-neutral-1465-and-1800-Downside-risk-active/
Market configuration
- Graphical Elements :
Graphical Resistance = 24900 & 28800
Graphical Support = 19400
- Mathematical Indicators:
EMA ( Exp Moving averages) are resistances at 24900 = Bearish
RSI indicator (below) is below 5% with no divergence = Bearish
- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed - however 24900 never been surpassed
Fibonacci resistance of the wave (3) = 28800
Fibonacci support of the wave (2) is 19400
Fibonacci upside target = 32600
Fibonacci downside target = 16100 / 14600 / 12400
Conclusion
Combining the fondamental situation (Global macro fighting against inflation with hawkish ton from FED) + Technical Elements , it now hard to find element to call for a further recovery, it is better to protect the gains from the summer and wait for clearer situation
Neutral : We turn Neutral between 19400 and 24900, a break below 19400 would validate a further downside towards 16100 first max 14100 for the moment - Only a strong short-squeeze reintegrating 24900 would jeopardize the bear market.
Trade active
19400 broken confirming free fall to 16100Trade closed: target reached
New update available
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.