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Bitcoin (BTC) Finally Touches $5,800, What Happens Next?

Bitcoin (BTC) has finally touched the $5,800 mark. The price retraced strongly after barely climbing above the mark but it can be said to have tested market structure now. That being said, we can still expect this rally to go further but there does not seem to be much room for that. It is alarming though that the number of margined shorts for BTC/USD still remains too high. That opens up the possibility of a short squeeze, but needless to say the price is due for a major decline in the grand scheme of things. Chasing the price at this...

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Sally Ho's Technical Analysis 3 May 2019

Bitcoin Bitcoin (BTC/USD) continued to add to recent gains during today’s Asian session as the pair traded as high as the 5417.00 level after trading as high as 5422.99 during yesterday’s North American session. Stops were elected after the pair crossed above the 5403.82 level, representing the 61.8% retracement of the 6810.00 – 3128.89 range and the pair’s strongest print since 25 April 2019. Early in the Asian session, Bids emerged around the 5387.57 level, representing the 61.8% retracement of the move from 5650.01 to 4963.00. If this level holds, it is an important indication the pair may look to...

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Litecoin (LTC) Breaks Above Falling Wedge But Tests It As Support To Decline

Litecoin (LTC) has broken out of a falling wedge which is normally a bullish development, but not in this case. The 4H chart for LTC/BTC shows that Litecoin (LTC) broke a critical falling wedge against Bitcoin (BTC) only to test it as support for further downside. The price has kept on declining along the falling wedge since the beginning of the month. Even as Bitcoin (BTC) is slowly rallying towards $5,800, cryptocurrencies like Litecoin (LTC) seem to be losing ground as even the bulls know that the price is due for a major decline whether the bottom is in or...

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Ethereum (ETH) Longs Up For The First Time In More Than A Week

Ethereum (ETH) longs are up for the first time in more than a week. This is a sign of relief for the bulls who have been losing ground despite oversold conditions short term. The daily chart for ETHUSDLongs shows that the number of margined longs has now declined to a trend line support and having formed its first green candle in more than a week, is expected to rally ahead. Ethereum (ETH) bulls are likely to capitalize on this and we might see a rise in the number of longs as ETH/USD starts to rally. However, this should not mislead...

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Bitcoin Volatility Index (BVOL) Points To High Probability Of A Sluggish Rally

Bitcoin (BTC) is struggling to rally towards $5,800-$6,000. While most traders are expecting a big move towards this strong resistance zone, the price action clearly shows that BTC/USD is not ready for such a move. However, now the Bitcoin Volatility Index (BVOL) also corroborates what is going on with the price and suggests that we might see a sluggish rally in the days and weeks ahead but it will happen nonetheless. This rally towards the resistance zone at $5,800-$6,000 is important because the price has to either break it or face rejection at this zone in order for the market...

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