BTC/USDT: Bullish move not confirmed yet - Underperforming ETH

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

BTC/USDT: Bullish move not confirmed yet - Underperforming ETH

Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend - The BTC reached the buying area from the previous analysis
- 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 28/06/2022 : https://www.tradingview.com/chart/BTCUSDT/FKcpH9Wc-BTC-USDT-Waiting-for-Bullish-reversal-confirmation/


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 but remains at 50% = Neutral

- 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 (iii) = 28800
Fibonacci support of the wave (iii) is 20300
Fibonacci upside target = 32600
Fibonacci downside target = 17700

Conclusion

Prefered case => The BTC is expecting to shape a further rise above 20300, 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 20300, a drop towards 17700 can't be ignored (double bottom configuration