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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 194623, member: 29339"] [B]BTC and XRP – Strong bullish momentum seen[/B] [IMG]https://i.postimg.cc/PxSfffjS/btc.jpg[/IMG] [B]BTC/USD[/B] The price of Bitcoin has been decreasing from the 14th of April when it reached $64,735 at its highest point. From there we have seen a decline of 27.56% measured to its lowest point made on the 25th which was at $46,896. A recovery of 16.8% followed as the price came up to $55,000 area on its highest point of the week so far. Currently, it is being traded slightly lower but is still in an upward trajectory. [IMG]https://i.postimg.cc/D0D2sCms/btcusd-1h-3.png[/IMG] On the hourly chart, you can see that the price made a three-wave decrease from the 14th of April which was most likely an WXY correction of the higher degree count. It ended with a double bottom with an impulsive rise that followed. This could be an early indication that the price decrease ended and that we are seeing the development of the next starting impulse. However, we could have seen another corrective ABC to the upside from the 23rd which would be the corrective WXY continuation wave leading into a lower low. We are now seeing the price looking for support above the significant horizontal support at $53,369 with a minor triangle forming, so from its breakout direction, we are to see which scenario gets validated. If we see a breakout to the upside it could mean that the starting impulse is on the move, but if the price starting impulsively moving to the downside it could be an indication that the corrective ABC to the upside ended. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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