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Bitcoin (BTC) Likely To Decline Deeper Within The Falling Wedge

Bitcoin (BTC) is struggling to break past the 61.8% fib extension level but so far there is not enough momentum for a successful breakout. The probability of such a break to the upside also remains low considering the price has a lot of room to decline within the falling wedge. The reason a decline is more likely at this point is because the price is now trading under extremely overbought conditions on shorter time frames. On the 4H chart, we see that the Stochastic RSI shot up significantly in a very short period of time. In addition to that, the...

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Sally Ho's Technical Analysis 7 October 2019

Bitcoin Bitcoin (BTC/USD) extended some recent weakness early in today’s Asian session as the pair traded as low as the 7801.00 level following weakness during yesterday’s North American session.  Trading conviction remains muted as market sentiment is showing neither a Bullish bias nor a Bearish bias in the medium-term, and this is keeping the pair confined to a relatively narrow range above the 8000 figure.  If the pair is going to make an upside charge, it must derive enough momentum to absorb selling pressure around the 8211.08 area, representing the 50% retracement of the move from 8419.95 to 8002.21. Above...

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Ethereum (ETH)’s Next Big Move Is Just Around The Corner

Ethereum (ETH) is finally close to its next big move that we have been waiting to come to fruition for weeks. The symmetrical triangle on the 4H chart will now either see a sharp breakout to the upside or to the downside. Considering that the cryptocurrency market is still due for another downtrend and the condition of the Stochastic RSI and RSI for ETH/USD on the 4H chart, I’m inclined to believe that we are very likely to break to the downside. The price remains below the 38.2% fib retracement level despite numerous attempts to break out. As long as...

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Sally Ho's Technical Analysis 6 October 2019

Bitcoin Bitcoin (BTC/USD) appreciated to the 8176.18 level early in today’s Asian session as the pair tested its 50-bar MA (4-hourly) and them came off.  Bids emerged around the 8020.20 area during yesterday’s European session after negative market sentiment saw the pair glide lower during Friday’s European session and test the 8002.21 level after some Stops were elected below the 8019.59 area, a level that represents the 61.8% retracement of the 7701.00 – 8535.00 range.  Traders have been unable to retest the 8260.37 area following the move lower, and this level is significant because it represents the 61.8% retracement of...

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Bitcoin (BTC) Risks A Sharp Decline Even Under The Bullish Case

Bitcoin (BTC) risks a sharp decline over the weekend even under the bullish case. This might be a similar correction to what we have seen before when the price declined below the previous descending triangle. At the moment, there is not enough bullish momentum for the price to break out of the falling wedge that it is currently trading in which is why there is a strong probability that we might see a sharp break out down  to the bottom of the falling wedge. RSI on the 4H time frame is in favor of such a move and the same...

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