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BTC/USDT Potential Upward Movement

BTC/USDT Long-Term Trend: Bullish

Key Resistance Levels: 57504, 61228, 64900

Key Support Levels: 53309, 50965, 48528

Daily Chart:

The price on the higher time frame was in a clear downtrend before facing a strong daily support around the 47500 USDT mark. The market managed to reverse and moved to the upside by posting higher highs and lows on the lower time frame. recently, it showed a correction count on the 52500 USD level and now we expect a further move to the upside in the same direction of the main trend.

BTC/USDT Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the coin succeeded to break the wedge formation to the upside, and it broke the resistance around the 55500 USDT level. We are expecting a slight retracement to the new support (previously resistance) and then a move to the upside toward our target profit.

Signal Idea:

Buy Limit Order @ 55569.56

TP 1 @ 57424.49

TP 2 @ 57504.00

Stop Loss @ 54657.82

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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