BTC/USDT: Last drop to 22900 before recovery expected

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

BTC/USDT: Last drop to 22900 before recovery expected

Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. There is some signs of exhaustion approaching the key support area at 22900 leaning towards a last drop before expecting a multi weeks recovery.

Previous Analysis 12/05/2022 :

Market configuration

- Graphical Elements :
Breakout Potential (Blue arrows) = 22900
Graphical Resistance = 34000

- Mathematical Indicators:
EMA (Exp Moving averages) are resistances and 21 EMA resistance = 30900
RSI indicator (below) is still in the red area below 50% without divergence = Bearish

- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave 5 C (4) is missing - the market is actually finalizing the wave 4 = Selling level reached now
Fibonacci resistance of the wave 4 = 34000
Fibonacci support of the wave 5 C (4) is 22900 and in extansion maximum 18800

Conclusion

Prefered case => The BTC is expecting to complete a last drop towards 22900 as standard target level as long as 34000 remains resistance - Only once the drop has been done we can start to focus on a multi weeks bullish reversal scenario.
Alternative case => The BTC bounce above 34000. A daily close above 34000 will invalidate the last drop scenario to confirm a larger rise towards 45400.

Trade chiuso: obiettivo raggiunto:

Close to 22900

We are in wait and see mode, the BTC must hold above 22900 in daily close to lower a further downside risk

Trade chiuso: obiettivo raggiunto:

We are no trying to hold above the major key level at 18800

Only a clear ''soft landing'' plan from FED + an extansion of anti-defragmentation plan by BCE can help the market to surge and invert the psychology on going

Trade chiuso: obiettivo raggiunto:

New analysis is coming soon