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BTC/USDT Potential Upward Movement

Key Resistance Levels: 57216, 60000, 60500         

Key Support Levels: 51740, 45560, 41992

BTC/USDT Price Long-Term: Bullish

Daily Chart:

On the higher time frame the price of the bitcoin is posting higher highs and lows inside a bullish channel formation. The coin managed to smash all the daily resistances and posted a big bullish candlestick two days ago signaling the arrivals of the buyers.

BTC/USDT Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame the price managed to break the wedge formation to the upside. As per Elliott Wave Structure, the price now is forming the bullish 5th wave. Our expectation is to see most probably a pump to the upside toward the 57216.49 level.

Signal Idea:

Buy Order @ 51740.47

TP 1 @ 57216.49

TP 2 @ 60000.00

Stop Loss @ 49029.29

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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