BITCOIN ( BTC /USDT) : Further 40% bullish potential towards 66500 expected
Context
The Bitcoin , as many other correlated crypto assets, confirmed a start of a significant upside swing after having developed a bearish reaction (auto-similar move – blue arrows) during the last past week. This Auto-similar move (a)=(c) is really healthy in a natural directional trend cycle, even if it looks huge.
Indeed watching at the historical data from BTC , this bearish reaction is completing a significant wave (4) on long cycle started 12 years ago…
We gonna start a new impulsion wave in 2022 with a significant potential max at 77 000 and 66500 as a standard level where it will make sense to hedge the portfolio – Check the last analysis ETH/BTC also => ETH outperformance is expected on the same time frame (see at the end of. the analysis)
Key level to watch
– 40700 key Fibonacci level + overlap
– 52500 Intermediate target for short-term traders
– 66500/77000 standard Fibonacci level to anticipate the target of the follower wave 3 and 5 (5) V
Key Elements to watch
– Auto-similar move completed in January (Double blue Arrow) = Bullish
– EMA ( Exp Moving average) acting now as support (same config as 2021) + Golden cross 21/34 = Bullish
- RSI bounced off 38 support before re-integrating the 50% area (potential and No divergence) = Bullish
– Elliot wave account calling for wave 3 – Follower wave = Bullish
Tactical View (3 to 12 weeks)
Strong Buy set up confirmed – especially after having surpassed 3190 in parallel on ETH/USDT
As long as 40700 remains supports buy the market now or in dips and to plays a significant upside potential towards 66500 even 77 000
In term of allocation it is now better to rise the weight of ETH rather than BTC in portfolio which is expected to outperform the BTC on mid/long Run
Enjoy my friend
ETH/BTC study =>
