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Bitcoin (BTC) Standstill- Bullish Gartley Ready To Roll

Despite the ongoing regulatory issue in South Korea, the Crypto market is still holding in place. Bitcoin’s price rose slightly from yesterday but failed to break the $12,000 wall. Here’s a quick technical view on BTC. 

BTC/USD – Technical Outlook  

On the daily chart, the BTC has formed a bullish pattern called “Bullish Gartley”. The pattern has completed the C to D wave at the $9,000 level, and Bitcoin has been trading above the same level since last week.

BTC/USD - Daily Chart

BTC/USD – Daily Chart 

The leading indicators are holding in the oversold zone, indicating the potential for a bullish retracement. I would highly suggest the strong support level of $10,335, as the coin is bullish until the market is above this level. Below $10,335, we may see an additional selling trend until $7,721.

Support     Resistance 

10770.7    11739.9

10159.3    12097.5

9801.6      12709

Key Trading Level:    $11,128.4

BTC/USD –  Trade Idea

The current idea is staying bullish above $11,125, with a stop below $10,100, and take profit at $12,250, and $14,150. Good luck and have a profitable day!


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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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