BTC/USDT Bullish Divergence above key support !BTC/USDT Bullish Divergence above key support @35800/37800
Context :
The recent setback reache the 61,8% Fibo retracement at 37800 corresponding also to a classic A=C pattern( harmonic) ending the wavec (2) and calling for an imminent recovery.
Clearly the market is questioning the behavior of the risk takers present in the Traditional market and crypto market by positionning the market at key hedging support on SNP500 and BTC
This kind of configuration is more bullish to be honest because it is the area where an intraday bearish trader on futur will take profit, because it is the inflection level to start a new recovery
The new bullish element this morning is the bullish divergence in progress like the one triggered on the previous bottom calling for an exhaustion of the Bearish momentum and an imminent bounce towards the daily blue resitance.
However a fail to hold on this support will confirm an extension of the previous bearish trend to 28800 (Long-term strategic support)
Tactical to daily view (1 to 3 days - before next 3 weeks)
As long as 35800 remains key tactical/daily support and 37700/39700 is acting as entry levels (buy) the market is expected to bouncing off towards 41500 (1 to 3 days) - only a clear break above 41500 in daily close will open 51K
Else Breaking below 35800 key tactical support a last downside leg towards the strategic key support at 28800 will occur before starting the multi- weeks significant bullish run expected
Key Leves to watch :
Strategic Horizon (3 to 12 Months):
Bullish - Key support @ 28800 - Target 1 @ 77000 - Target 2 @ 111 000 (Conviction = STRONG)
Tactical Horizon (1 to 3 Weeks):
Bullish - Key support @ 35800 - Target 1 @ 51 000 - Target 2 @ 52 000 (Conviction = Normal , Strong if 41500 surpassed)
Daily Horizon (1 to 2 days):
Bullish - Key support @ 35800 - Target 1 @ 41500 (Conviction = Strong because of the divergence)
Enjoy
