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FX.co ★ Trading plan for Bitcoin for July 19, 2021

Trading plan for Bitcoin for July 19, 2021

Trading plan for Bitcoin for July 19, 2021

Technical outlook:

Bitcoin might have carved higher low around $31,000 levels over the last week. The crypto could be preparing to stage another round of rally towards $36,000 and $42,000 levels in the next few weeks. It would be interesting to see how prices react around $42,000 mark since it is also seen as strong resistance for now.

Bitcoin is seen to be trading close to $31,500 levels at this point in writing and is expected to resume rally soon towards $36,000 levels at least. High probability remains for a continued push through $42,000 mark as well. Immediate support is seen at $28,500 mark, while resistance comes in around $36,000, followed by $42,000 levels respectively.

Bitcoin might have carved a meaningful bearish boundary between $65,000 and $28,600 levels respectively. The crypto at least needs to retrace the entire drop before turning lower again. The projected target is towards $42,000 levels at least, before deciding further direction.

Trading plan:

Remain long, stop @ 28,000, target @ 42,000

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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