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BTC/USDT Potential Upward Movement

BTC/USDT Long-Term Trend: Bullish

Key Resistance Levels: 60000, 61795, 62500

Key Support Levels: 57500, 54925, 52682

Daily Chart:

The price succeeded to break the bullish channel formation to the upside, and also broke a critical zone which is the 57500 USDT mark. A correction might be seen before the market rallies again to the upside.

BTC/USDT Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish channel where we expect a lower correction to an area of confluence between the daily support and the 61.80% Fibonacci retracement level. This could lead to a move upward to the 59608 USDT mark.

Signal Idea:

Buy Limit Order @ 57764

TP 1 @ 59608

TP 2 @ 60000

Stop Loss @ 56961

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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