Bitcoin resumes the uptrend

Gregor Horvat Wavetraders

Cryptocurrencies are sharply recovering despite some gap down on the dollar after the assassination attempt on Trump on Saturday. This will make him even stronger and closer to his win. Looking at BTCUSD, it remains in higher degree uptrend as prices broke to new ATH back in March from where we can see a three wave retracement. It appears that this can be higher degree wave IV on a daily chart, that is now trying to stabilize at 53-50k support area. In fact, we can see some nice bounce here on 4h time frame as well, with price accelerating above the black resistance line suggesting that possibly wave (C) has ended and a new bullish trend is in the cards. Break above 63859 will be new indication for a resumption higher.

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Author

Gregor Horvat

Wavetraders

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

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