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FX.co ★ Trading plan for Bitcoin for April 13, 2022

Trading plan for Bitcoin for April 13, 2022

Trading plan for Bitcoin for April 13, 2022

Technical outlook:

Bitcoin sliped to further lows around $39,000 on Wednesday before finding interim support and bids. The crypto has dropped to the Fibonacci 0.618 retracement of its recent upswing between $34,000 and $48,000 respectively. Bulls will be poised to hold prices above $34,000 mark and come back in control soon.

Bitcoin's next projected target is towards $50,000-53,000 zone, provided the $34,000 interim support stays intact. The counter trend rally that had begun since $33,000 mark is unfolding as a complex structure as bulls prepare for yet another three wave rally from current level. If the structure unfolds as proposed, we might see yet another high towards $50,000 mark at least.

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Bitcoin has carved a meaningful downswing between $69,000 and $33,000 earlier. The above is being worked upon and could be retraced up to the Fibonacci 0.618 mark seen around $55,000 on the chart here. Bulls are expected to remain in control in the medium term and push prices through $50,000-55,000 zone before giving in to bears.

Trading plan:

Potential rally through $50,000-55,000 against $33,000

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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