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Bitcoin Can Easily Fall Below $3,000

Bitcoin is showing bullish signs for now after the price found support on the 50 EMA on the 4H time frame having declined below the 38.2% fib extension level at $7,812. At the moment, it seems ready to shoot higher towards $8,000. It will face some resistance at $7,961 but if it breaks past that level then we can see a rally towards $8,200 in the near future. Traders need to realize at this point that the rising wedge we see on the BTC/USD chart is now very close to being broken. The balance of probabilities indicates that it will...

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Bitcoin (BTC) Inches Closer To The Beginning Of Another Downtrend

Bitcoin (BTC) has moved closer to the beginning of its next downtrend as it cannot perpetually trade within the rising wedge it is currently trading in. Most such rising wedges have led to brutal declines in the past which is why we have no reason to believe this time will be any different unless we have a clear break past the $8,384 level. So far, the price has failed to close above this level. What we saw just recently in the form of a massive spike now appears to be another case of manipulation which is expected to meet the...

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Sally Ho's Technical Analysis 10 January 2020 BTC ETH

Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair climbed higher to the 7813.77 area after trading as low as the 7744.48 level during yesterday’s North American session.  Other than retracing higher to the 7995.72 area earlier in yesterday’s North American session, the pair has been Given after peaking around the 8469 level a couple of days ago.  Market sentiment has shifted over the past several days following the pair’s rapid climb above the psychologically-important 8000 figure after decisively moving above the 7000 figure.  During the pair’s ascent, Stops were elected above the 8449 area, an upside price...

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Ethereum (ETH) Bulls Expect A Bullish Breakout Despite Recent Setbacks 

Ethereum (ETH) bulls are still hoping for a bullish breakout. The falling wedge on the daily chart for Ethereum dominance (ETH.D) is one of the reasons why. The altcoin market has suffered a lot the past few months and many analysts and traders think that this might be the time for it to see a recovery. I am of the opinion that if something is bad it could always go worse so until and unless we have a break out of this falling wedge to the upside indicating the beginning of a new trend, I remain bearish even though the...

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Has Bitcoin Finally Begun Its Decline? 

Bitcoin has now come crashing down after the fake pump. Back when we saw this pump in BTC/USD, we discussed how this was a trap and the price will end up declining further after that. It has finally happened and we can now expect a downtrend in BTC/USD in the weeks and months ahead. However, before that happens, I wouldn’t discount one last move to the $8,200 level. The reason we expect another downtrend has more to do with larger financial markets than the chart of Bitcoin or other cryptocurrencies. Recently, WTI Crude Oil saw a wild volatility move that...

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