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FX.co ★ Trading plan for Bitcoin on June 06, 2022

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Crypto Analysis:::2022-06-06T13:01:46

Trading plan for Bitcoin on June 06, 2022

Trading plan for Bitcoin on June 06, 2022

Technical outlook:

Bitcoin broke through the $31,500 levels after finding support close to the $29,200 lows last week. The crypto may extend its rally through $35,000 and up to $42,000. Bulls will be poised to hold prices above the $29,200 mark to keep the near-term structure intact. If BTC rises above $32,400, it is likely to reach the indicated levels.

Bitcoin seems to be heading to its last leg higher within the corrective phase, which began at $25,500. If this scenario comes true, BTC may climb quickly to $42,000 and up to $48,000 in the next few trading sessions. Immediate price resistance is also seen through the $40,000 mark, which could be the next target.

Bitcoin has already carved a larger degree downswing between $69,000 and $25,500 earlier. BTC may rise to $52,000, which is the Fibonacci 0.618 retracement of the above drop. A potential Head and Shoulder reversal could be in the making as the Right Shoulder is being carved around the $48,000-52,000 zone.

Trading plan:

Potential rally through $42,000, $48,000 against $20,000

Good luck!

Analyst InstaForex
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