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BTC/USD| Possible Bullish Continuation

BTC/USD Long-Term Trend: Bullish

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Key Resistance Levels: 43981.38, 44315.63, 44836.32

Key Support Levels: 43427.31, 43329.80, 42965.80

2-Hour Chart:

We seem to be playing an abcde-wave count and are currently in the middle of the final e-wave. If this proves accurate, we need to see this wave complete in the $44,700-45,500 area. In addition, we seem to be trading inside of a bullish wedge. If so, a test of the support trend line may provide a trading opportunity to the bull side.

BTC/USD Medium-Term Trend: Bullish

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30-Minute Chart:

We are trading towards a the 50%-61.8% retracement area (golden box) of the move since the start of the potential e-wave. If this support area holds, we may see a bull-side play to complete the e-wave.

Signal Idea:

Buy Limit order @ 43381.01

TP 1 @ 44769.67

TP 2 @ 45273.98

Stop Loss @ 42840.42

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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