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Bitcoin (BTC) Price Action Suggests Rally Past $9,000 Will Be Unsustainable

Bitcoin (BTC)’s rally has come to a standstill but not in the way many would have expected. It has lost the bullish momentum that most believed to be crucial for the price to rally towards $10,000 as the price has crashed massively in the last 48 hours. Now, it will have to crawl past $9,000 just to test the 38.2% fib retracement level from the previous all-time high. If the bulls are lucky, we might form a big wick to $9,651 or slightly higher before the price sets for its new downtrend. It has become very clear now that it...

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Sally Ho's Technical Analysis 4 June 2019

Bitcoin Bitcoin (BTC/USD) depreciated sharply early in today’s Asian session, declining to the 7700.00 area after being unable to climb above the 8588.66 area during yesterday’s North American session.  Yesterday’s selloff commenced during the Asian session and BTC/USD quickly weakened from the 8695.21 area during yesterday’s European session. Traders tested the 8338.78 area, representing the 76.4% retracement of the move from 9948.12 to 3128.89, and that level eventually gave way, resulting in Stops being elected below the 100-bar MA (4-hourly). Stops were then triggered below the 8087.05 area late in yesterday’s North American session, representing the 61.8% retracement of the...

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Litecoin (LTC) Holds Ground Above 50 Day EMA, But Price Remains Vulnerable

Litecoin (LTC) has done well to defend the 50 day exponential moving average trading against Bitcoin (BTC). For the past seven days, LTC/BTC has remained above this level but now it is running out of room to hold this level. Either it will have to break past the strong trend line resistance of the descending channel or it will have to fall towards the bottom of this channel. So far, considering that LTC/BTC is already heavily overbought as shown by the RSI and Stochastic indicators, the probability of a decline far outweighs the probability of a break out of the...

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Ethereum (ETH) Closes The Week Forming A Doji As Bears Regain Control

Ethereum (ETH) bears have regained control as the price has demonstrated serious weakness to break past the trend line resistance. The weekly chart for ETH/USD shows that both the RSI and Stochastic indicators are now flashing big warning signals as the price has reached overbought levels. The only thing holding the price from a massive decline at the moment is the 50 week exponential moving average. Soon as the price declines below this level, we could see it drop to double digits in no time. Short term, we could see ETH/USD attempt a break out of the descending triangle but...

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Bitcoin (BTC): Healthy Retracement Or Beginning Of The Next Downtrend?

Bitcoin (BTC) started the week in red by declining sharply from $8,740 to $8,356. It is trading close to $8,500 at the moment but the crash made a lot of analysts start talking about the next big crash or the most anticipated downtrend. While we still expect that crash to happen, we believe this rally still has some room to go before the next big downtrend. The recent crash might have trapped in some more bears that would most likely be hunted down by the whales as they run their stops and push the price above $9,000 in the near...

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