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Bitcoin (BTC) Inches Closer To Its Sharp Decline

Bitcoin (BTC) bulls are very optimistic. In fact, if you take a look at Crypto Twitter, it appears that there are no bears around. More than 70% of traders are long on Bitcoin (BTC) and more than 80% are long on Ethereum (ETH). This leaves little to imagination as to what is going to happen next. If we take a look at the BTC/USD, we can see that optimism usually reaches such levels when Bitcoin (BTC) is in a bubble phase or has topped our as after the parabolic rally of 2017-18 when it formed a new all-time high. We...

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Sally Ho's Technical Analysis 9 August 2019

Bitcoin Bitcoin (BTC/USD) continued to orbit some very important technical levels early in today’s Asian session as bulls contemplated a fresh assault on the psychologically-important 12,000 figure, while bears eyed a return to the 11,136.82 area, a level that represents the 50% retracement of the move from 13,202.63 to 9,071.00.  The pair is now trading well above its 50-bar MA (4-hourly) and continues to oscillate above and below its 50-bar MA (hourly). The 11,950 level continues to draw serious interest from traders as it represents a downside price objective that developed when the pair descended from the 13,204 level in...

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Ethereum (ETH) To Hit The Bottom Of The Descending Channel After Crash Below 50 EMA

Ethereum (ETH) keeps trading within the descending channel that it entered in June. The price is now long overdue for a massive crash to the bottom of this channel. We know that the price is in no position to break this descending channel just yet and if it started to decline from here, it will have to test the bottom of this channel which is likely to drag the price down to a double digit price. If we take a look at the RSI, we can see that it has broken a strong uptrend and now signals further downside in...

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Bitcoin (BTC) Cannot Stall A Move To The Downside For Long

Bitcoin (BTC) is stalling a move to the downside but it cannot do that for long. We have seen many traders on both sides shaken out amid confusion in the market. However, this cannot go on for long and sooner or later the price has to crash before the bears get all excited about shorting the market. What happened in the last 48 hours was something that we expected. BTC/USD cannot just start falling by 40% with most of these bears onboard. They are going to clean the casinos out. So what does the casino do? It discourages them from...

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Bitcoin (BTC) Price Action Marred By Confusion

Bitcoin (BTC) closed the day below the 38.2% fib extension level again but it has yet to crash. The price is trading sideways and it may take a while before it drops. That being said, this close below the 38.2% is very significant as it is the third consecutive daily close below this level. Now, we are expecting the price to crash below the fib circle and fall down to the 61.8% fib extension level from the beginning of the parabolic advance of December, 2018. It is important to note that this decline is not going to happen that easy....

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