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BTC/USDT Potential Upward Movement

BTC/USDT Long-Term Trend: Bullish

Key Resistance Levels: 64855, 65000, 65500

Key Support Levels: 61158, 55461, 50963

Daily Chart:

The price on the higher time frame was in a clear uptrend since it is trading inside a bullish channel formation. Recently, the price managed to break all time high with the help of a huge bullish candlestick. A lower correction might be posted to the previous swing high before continuing in the same direction of the main trend.

BTC/USDT Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is bouncing inside a bullish channel pattern. We have an area of confluence between the support, 61.80% Fibonacci retracement level, and the lower end of the channel. Once the correction ends around this area, a movement to the upside might be seen toward the 64707 USDT mark.

Signal Idea:

Buy Limit Order @ 61555

TP 1 @ 64707

TP 2 @ 65000

Stop Loss @ 59988

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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