BTC/USDT: Bullish reversal tentative within bear market pressure

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------

BTC/USDT: Bullish reversal tentative within bear market pressure

Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend
- For now BTC is underperforming ETH, the upside target has been adjusted taking this element in consideration
- Watch 24900 as key level to surpassed

Previous Analysis 17/09/2022 : https://www.tradingview.com/chart/BTCUSDT/rZDq9P2r-BTC-USDT-Bullish-move-not-confirmed-yet-Underperforming-ETH/


Market configuration

- Graphical Elements :

Graphical Resistance = 24900 & 28800
Graphical Support = 17700

- Mathematical Indicators:
EMA ( Exp Moving averages) are resistances at 24900 = Bearish
RSI indicator (below) is bounced off key support = Bullish

- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) has been completed - calling for a an aggressive recovery in a bullish Elliot scenario
Fibonacci resistance of the wave (3) = 28800
Fibonacci support of the wave (2) is 17700
Fibonacci upside target = 32600
Fibonacci downside target = 12400

Conclusion

Prefered case => The BTC is expecting to shape a further rise above 17700, a bypass above 24900 MUST be triggered to lower the downside risk and open 28800

Warning : Consider ETH/BTC chart before adjusting the weight the BTC in a portfolio, for the time being ETH is clearly outperforming the BTC on current level

Alternative case => In case of BTC will not surpass 24900, a drop towards 17700 before penetrating the key support and open a larger drop to 12400