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Sally Ho's Technical Analysis 6 May 2019

Bitcoin Bitcoin (BTC/USD) reversed course and found some buying pressure during today’s Asian session with the pair climbing higher to the 5782.22 level after drifting sideways during yesterday’s European and North American sessions. Today’s intraday high was right around the 76.4% retracement of the move from 5831.39 to 5627.35 and a break above this area will open up the 5808.45 level, representing the 50% retracement of the 8488.00 – 3128.89 range. Yesterday’s pullback in BTC/USD saw the market move lower around the area that represents the 38.2% retracement of the move from 5265.61 to 5846.88. If the market is able...

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S&P 500 Long Term Outlook Hints At Major Decline In Bitcoin (BTC) Ahead

The S&P 500 is due for one of its biggest declines in months. The daily chart for the index shows the price trading within a rise wedge since December, 2018. This rising wedge is similar to the one we see in Bitcoin (BTC), because both the S&P 500 Index (SPX) and BTC/USD have been in an uptrend since they bottomed out in December last year. The S&P 500 Index (SPX) has been more bullish than Bitcoin (BTC) the whole time but it is now close to topping out. In the best case bullish scenario, we could see the index continue...

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Sally Ho's Technical Analysis 5 May 2019

Bitcoin Bitcoin (BTC/USD) appreciated sharply during today’s Asian session as the pair traded as high as the 5846.88 level, its strongest print since 14 November 2018. During yesterday’s European and North American sessions, the 5650.01 area was supportive, representing a previous relative high from 23 April 2019, and Stops were triggered yesterday once the market moved below this area. Stops were also elected below the 5593.97 area, representing the 38.2% retracement of the 5265.61 – 5796.93 area, with additional Stops reached below the 5531.27 area. An upside target that was have talked extensively about was reached during the ascent higher...

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Bitcoin (BTC): How Likely Is A Short Squeeze?

Bitcoin has just tested the most important resistance zone of $5,800-$6,000. This is the zone that stands between BTC/USD and the next bull run. Some analysts and professional traders do not expect the price to break past this level this year regardless of whether they are bullish or bearish. Those that are bearish obviously expect the price to fall a lot lower from here but even those that are sensibly bullish expect the price to trade between a tight range for now and to break this resistance zone around the beginning of 2020. Now certainly there are some people that...

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Sally Ho's Technical Analysis 4 May 2019

Bitcoin Bitcoin (BTC/USD) added to recent gains during today’s Asian session after establishing a new 2019 high and reaching its strongest level since 14 November 2018. Technical clues continued to emerge as buying continues to take place at key technical levels including the 5621.70 level during yesterday’s price activity, just below the 23.6% retracement of the move from 5072.01 to 5796.93. Additionally, buying pressure was seen today around the 5650.01 area, representing a previous relative high from 23 April 2019.Traders tested the 5769.98 area for the first time since the level became technically relevant, as it represents the 61.8% of...

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