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Bitcoin Correction May Not Be Over Yet

The price of Bitcoin declined sharply as we expected it to. It has now not only declined down to the 200-day moving average but it has also started another day below it. This has now increased the odds of further downside. At the moment, the outlook remains bearish. On the 12H time frame for BTC/USD, the price remains below the 200 EMA. As long as that is the case, we will continue to be bearish on the market. If we see a close above the 100-day moving average, the odds of a bullish reversal would improve. Barring that, we are...

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Bitcoin (BTC) Unlikely To Hold Trend Line Support, Another Decline Expected 

Bitcoin (BTC) is unlikely to hold the current trend line support. After yesterday’s close above the 200-day moving average, retail traders rushed in to buy their favorite coins giving the market makers and the whales another opportunity to pull the price lower. The 38.2% fib level that is currently holding the price is unlikely to do that for long. We are more likely to see a decline down to the trend line support in the hours to come and I don’t think it is going to hold. The bulls have clearly lost momentum and BTC/USD is struggling to break past...

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Sally Ho's Technical Analysis 27 February 2020 BTC ETH

Bitcoin (BTC/USD) continued its descent early in today’s Asian session as the pair weakened to the 8602.00 area after selling pressure emerged around the 9425.00 level during yesterday’s Asian session.  The pair has steadily eroded after encountering selling pressure around the 10030.00 area during Monday’s North American session.  The recent gyrations that have seen price activity peak around the 10522.51 level before receding lower below the psychologically-important 9000 figure have traders focusing on both upside price objectives and downside price objectives.  The 9561.24, 9363.20, 9118.37, and 9722.47 areas were downside price objectives related to the depreciation from the 10400.00 area...

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Ethereum (ETH) Runs Into Strong Resistance Against Bitcoin (BTC) Once Again

Ethereum (ETH) has run into a key resistance against Bitcoin (BTC). We may now be looking at the beginning of a major downtrend in the altcoin market as the buying frenzy has come to an end. Investors have become more risk averse as economic situation worsens worldwide. Stock markets across the globe are in panic over the growing uncertainty due to the Coronavirus outbreak as well as developments in US politics. This could be the catalyst that brings about the next major decline in the stock market and the commodities market. This is also why I think we could see...

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Bitcoin Awaits The Next Move In S&P 500 (SPX)

Bitcoin is trying really hard not to fall below $9k. It has already declined significantly these past few days and the bulls have clearly lost control. The 4H chart for BTC/USD shows that the price may now be trading in a new ascending channel. We have yet to see if it will hold but for now there is a very high probability that we might see a decline below $9,000 to the bottom of the ascending channel. The market seems to be waiting on the next signal from the stock market. If the S&P 500 (SPX) begins another day in...

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