-Bitcoin is looking good today after a bullish retest on the S/R level -The chances to retest the 53k recent swing top is highly probable now -If BTC reaches the 53k level, we will have to observe for any price reaction -If the price will go higher or faces rejection because the sellers might re-enter -There is always a risk to consider if you have any position opened -I'm currently in a big win trade and small loses -I'm always keeping my losses small and keeping my winning trades hit my targets -This is how I become consistent in this environment -I want everyone to follow the same and please risk management is very important -Alright, stay safe, and good luck everyone!
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Outlook: Favoring the wave 2 low is in place at $39656.42 and a move to break $52915.84, the wave 1 high is now underway.
Analysis: Yesterday's pullback is behind us, with BTC reaching new recovery highs and trending higher. As the chart above indicates, the wave labels have been raised by one degree, although we're still favoring a third wave advance is in progress. The 51000-54000 range is a target area to complete wave (iii). We'll see if we can fine tune the estimates going forward.