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Bitcoin: More gains after current setback, support is at 62k-63k

Bitcoin: More gains after current setback, support is at 62k-63k
Gregor HorvatGregor HorvatWavetraders

BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March from where we can see a three wave retracement on a daily chart. It appears that this can be higher degree wave IV, that is finished at 53 area.  In fact, we can see some nice bounce here on 4h time frame, with price accelerating after breaking above the black resistance line suggesting that wave (C) has ended and a new bullish trend is in the cards.  Break above 63859 and five waves up from the low, is now a new indication for a bullish trend; same level can serve as a support in wave 2 pullback, followed by 62k.

Bitcoin

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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