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BTC/USDT Potential Upward Movement

Key Resistance Levels: 50861, 53821, 57480

Key Support Levels: 48124, 45554, 41992

BTC/USDT Price Long-Term: Bullish

Daily Chart:

On the daily time frame, the price is trading within a bullish channel, but it posted a huge sell off once the price reached the higher end of the channel. Currently, BTC stalled around the daily support level @ 48124.65.

BTC/USDT Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the market is trading now above the daily support and it posted a double bottom which signals a potential reversal. Currently, the price is bouncing around the neckline of this pattern which might lead to a pump upward to the 53808.27 level.

Signal Idea:

Buy Order @ 50810.03

TP 1 @ 53808.27

TP 2 @ 53821.00

Stop Loss @ 49314.50

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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