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11316 a Big Test for BTC/USD on Pullback: Sally Ho's Technical Analysis 12 August 2020 BTC

Bitcoin (BTC/USD) continued to shy away from the psychologically-important 12000 figure early in today’s Asian session as fresh upside sentiment remained elusive following the pair’s failure around the 11943.00 area during yesterday’s Asian session.  One range that has influenced recent price activity is the recent appreciation from 11546.15 to 12086.22, and traders are observing that buying activity emerged during a recent pullback just below the 11497.71 area, representing the 38.2% retracement of the appreciating range.  Additional retracement levels in this appreciating range include the 11316.19, 11134.46, and 10909.61 areas.  Traders also remain focused on the 11395.78, 11372.38, 11350.94, and 11307.97 areas during...

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Bitcoin Begins Long Overdue Correction 

Bitcoin has finally begun the downtrend as we had earlier anticipated. This is now in line with our expectations and indicates that both cryptocurrencies and stocks could correct near-term before the next bullish advance. The reason I expect another bullish advance is because both markets have room for further upside and might not top out just yet.  In the case of the S&P 500 (SPX), we could see a move towards the previous resistance turned support. There, it could find support to rally further but it is important to realize that neither stocks nor cryptocurrencies have much room to rally...

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ETH/USD Orbiting 392.00 Technical Retracement: Sally Ho's Technical Analysis 11 August 2020 ETH

Ethereum (ETH/USD) gave back some gains early in today’s North American session as the pair weakened to the 388.00 area level after trading as high as the 398.30 area earlier in the Asian session.  Traders are observing that the pair has encountered some technical resistance around the 392.00 area, representing the 23.6% retracement of the recent appreciation from 362.00 to 401.00.  Additional downside price retracement levels in this range include the 386.44, 381.94, 377.44, and 371.88 areas.  The 396.69 area remains an important technical level, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60.  Stops were recently...

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BTC/USD Within Striking Distance of Fresh 2020 High: Sally Ho's Technical Analysis 11 August 2020 BTC

Bitcoin (BTC/USD) sought to extend recent gains early in today’s Asian session as traders remained eager to push the pair back above the 12000 figure after the pair climbed to the 12086.22 area during yesterday’s Asian session.  Recently, the pair traded as high as the 12134.29 area, so traders are curious to see if upward momentum will result in a new relative recent high being established.  BTC/USD came off to the 11470.01 area during yesterday’s European session and found some bids around the 11717.44 area, just above the 23.6% retracement of a historical appreciation from 4680.65 to 13878.40.  Some selling pressure then...

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Bitcoin Braces For A Sharp Retracement 

Bitcoin has finally seen a retest of $12k again and it has now faced a sharp rejection there. Meanwhile, the S&P 500 (SPX) also seems primed for a correction near-term. News of Coronavirus cases rising again in certain regions could serve as a trigger for the next retracement. I do however expect further upside after this retracement in both cryptocurrencies and stocks.  That being said, I think both markets have seen overextended rallies are due for much bigger corrections long-term. In the case of BTC/USD, it might end up following the S&P 500 (SPX) again as it did in March...

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