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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 193153, member: 29339"] [B]BTC and XRP – Correction possibly over[/B] [IMG]https://i.postimg.cc/d1CXsXfS/btc-xrp.jpg[/IMG] [B]BTC/USD[/B] The price of Bitcoin has been moving sideways from the 17th of March when it came up to $59,600 until the 20th when it paid another revisit to those levels. However, after a failure to break the $60,000 mark to the upside we have seen a rejection that caused a breakout from the symmetrical triangles and a low to $52,924. [IMG]https://i.postimg.cc/d0ppKv5y/btcusd-1h-3.png[/IMG] Now we are seeing a minor recovery with the price currently being traded at $54,528 and has bounced nicely forming a V shape. The descending move was a five-wave impulse which is why we could have seen the completion of the WXY correction. In that case, the price is now making its first attempts to establish an uptrend as the 1st wave from the next impulsive wave to the upside started. However, there could still be a possibility of another lower low to the significant $51,940 level. If we have seen the completion of the 4th wave correction, then the price of Bitcoin is now headed towards the new all-time high, potentially in the zone between $72,000 and $68,000. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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