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ETH/USD Orbiting Historical 391.32 Area: Sally Ho's Technical Analysis 9 August 2020 ETH

Ethereum (ETH/USD) encountered some small upward pressure early in today’s North American session as the pair rallied to the 393.41 level after trading as low as the 384.94 area earlier in the European session.  Traders are observing that the pair continues to orbit the 391.32 area, representing the 38.2% retracement of the historical depreciation from 894.00 to 80.60.  Chartists are awaiting to see if the pair can get back to the 396.69 area, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60.  Stops were recently triggered below the 380.40 area, representing the 23.6% retracement of the appreciating...

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BTC/USD Feels Defensive Below 11750: Sally Ho's Technical Analysis 9 August 2020 BTC

Bitcoin (BTC/USD) was a bit on the defensive early in today’s Asian session as bears again seemed to be in control following selling pressure that emerged around the 11818.18 area during yesterday’s North American session.  Traders pushed the pair lower to the 11608.78 area during yesterday’s North American session, testing the 100-hour simple moving average.  Bids emerged right around the 200-hour simple moving average late last week.  Traders are immediately focused on the 11395.78, 11372.38, 11350.94, and 11307.97 areas, representing the 23.6% retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas.  A key level where...

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ETH/USD Backs Away from 400 After 364 Technical Lift: Sally Ho's Technical Analysis 8 August 2020 ETH

Ethereum (ETH/USD) gave back some gains in today’s North American session as the pair weakened to the 386.39 area after trading as high as the 393.49 area earlier in the North American session.  The pair had traded as low as the 376.18 area during the Asian session and steadily appreciated during the European session, stopping short of testing the psychologically-important 400.00 figure again.  Stops were recently triggered below the 380.40 area, representing the 23.6% retracement of the appreciating range from 268.39 to 415.00, and stopped just short of testing the 374.08 and 372.25 levels, key retracement levels related to buying...

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BTC/USD Looking Weaker Early in the Weekend: Sally Ho's Technical Analysis 8 August 2020 BTC

Bitcoin (BTC/USD) backed away from testing the 12000 figure early in today’s Asian session as bears seized more control of the market after the pair encountered some resistance around the 11920.00 area during yesterday’s Asian session.  Traders are immediately focused on the 11395.78, 11372.38, 11350.94, and 11307.97 areas, representing the 23.6% retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas.  A key level where buying pressure recently emerged is around the the 11529.38 level,  a test of the 11510.44 area that represents the 50% retracement of a historical depreciation from 19891.99 to 3128.89.   Another technical...

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Chasing Bitcoin Higher Not Worth The Risk 

The price of Bitcoin seems to have put in a local top after extensive sideways action. It is still possible that BTC/USD might rally higher after consolidating in this range for a while. However, it is not worth chasing it higher at this point. The risks are too high and now that the CME futures gap has been filled, we don’t have much to look forward to. If the S&P 500 (SPX) were top out in the near future, Bitcoin will soon follow and crash like it did in March.    The reason we can expect a downtrend like that...

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