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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 197149, member: 29339"] [B]BTC and XRP – Breakout from the range will dictate the next trend[/B] [IMG]https://i.postimg.cc/qqXMzMqT/btc.jpg[/IMG] [B]BTC/USD[/B] The price of Bitcoin has been on the rise since the 26th of Jun and made it back to the $36,000 area on the 29th. From there we have seen a descending move with the price moving sideways after. Currently, it is being traded at $$33,893 and made a lower high today compared to yesterday’s one and is moving to the downside. [IMG]https://i.postimg.cc/XNwv2x8z/btcusd-1h.png[/IMG] Looking at the hourly chart, you can see that a triangle is being formed which could be the 2nd sub-wave of the higher degree descending move. Considering that the prior move ended most likely as the ABC correction to the upside with the price falling back inside the territory of the lower range of the 1st wave from the 22nd. this is currently more likely. In this case, the price is to form the 3rd wave from the descending move that started on the 16th of Jun when another three-wave ABC to the upside completed. If this is true, then we will see a breakout to the downside below the $31,000 mark, which served as a strong horizontal support level. However, this sideways movement that formed a triangle could be a consolidation range before another move to the upside that is set to break the $36,183 horizontal resistance. This is why the validation will come as a breakout direction from the mentioned triangle and will dictate the next dominant trend. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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