Bitcoin (BTC) is currently trading at $105,164, reflecting a 1.31% increase in the past 24 hours. The price has fluctuated between $103,807 and $105,238 during this period.
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š NEoWave Insights: Entering Wave E?
Recent NEoWave analysis indicates that Bitcoin has likely completed Wave D and is now embarking on Wave E. This transition suggests a potential bullish phase, as Wave E often represents a final upward movement in a complex correction pattern.
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š Key Technical Levels
Support Levels:
$100,000
$95,000
Resistance Levels:
$106,000
$110,000
Maintaining support above $100,000 is crucial for sustaining the bullish outlook. A break above $106,000 could confirm the continuation of Wave E.
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š Trade Setup
Entry Zone: $104,500 ā $105,000
Stop Loss (S.L): $102,000
Take Profit (T.P) Targets:
TP1: $107,000
TP2: $110,000
TP3: $115,000
*Note: This trade setup is based on current market conditions and is subject to change. Traders should conduct their own analysis before entering any positions. *
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š”ļø Risk Management
Given the potential for increased volatility, traders should employ strict risk management strategies. Setting appropriate stop-loss orders and position sizing can help mitigate potential losses. Monitoring the aforementioned support and resistance levels is crucial for making informed trading decisions.
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š Conclusion
Bitcoin's current price action and NEoWave analysis suggest a potential bullish breakout as it enters Wave E. Traders should watch for confirmation signals and manage risks appropriately. Stay updated with the latest market developments to make informed trading decisions.
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*Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions. *
