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Bitcoin (BTC) Falls Back To Trend Line But Will It Fall Further?

Chart for BTC/USD (1W) Bitcoin (BTC) has not had a fall this aggressive since June 2018. Yesterday, the price of Bitcoin (BTC) nosedived in a matter of hours on what seems to be insignificant news.  Apparently, the cause of this dump was Goldman Sach’s announcement that it is scraping off its crypto trading desk for now. The market reaction to this is completely unreasonable given the fact that it is nothing out of the ordinary for a financial institution to pull away resources from a market with low trading volume. This does not mean that Goldman Sachs would never get...

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Stellar (XLM) Awaits Breakout As Price Fails Again To Breach Resistance

Stellar (XLM) seems to be at a stage where it is just waiting for the rest of the market to recover. The weekly chart above for XLM/USD shows that the price has already closed four candles below the 21 Week EMA and could now close the fifth candle below the 21 EMA as well. This means that Stellar (XLM) has had its correction and the price is now range bound, waiting for the rest of the market to recover. Stellar (XLM) has a history of consolidating candles on the weekly time frame before a break out occurs. This break out...

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Bitcoin (BTC) Faces Rejection At 21 Week EMA, But Finds Strong Support At 21-Day EMA

Bitcoin (BTC) is an interesting point. The price has just found a strong resistance at the 21 Week EMA shown on the BTC/USD weekly chart above, but it has also found a strong support at the 21 Day EMA. What does this mean for Bitcoin (BTC)? If both of these 21 EMA resistance and support hold strong for the weeks ahead, this means that Bitcoin (BTC) will enter a phase of consolidation before its next move. If that were to happen at this stage, it will be a very bullish development for Bitcoin (BTC) as the price will consolidate all...

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Ethereum (ETH) Falls 11% In One Day, Defends $250 Support

Ethereum (ETH) plunged deep into the red today as the price fell 11% in a matter of hours. The whole market nosedived as Bitcoin (BTC) fell back below $7,000 but Ethereum (ETH)’s reaction was one of the most aggressive as shown by the ETH/USD daily chart above. This can be attributed to the uncertainty and infighting surrounding Ethereum (ETH). The cryptocurrency has recently been the subject of debate among miners and developers as Ethereum (ETH) continues to ignore the demands of miners as it prepares to switch to Proof of Stake (PoS) from Proof of Work (PoW). However, before making...

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Ripple (XRP) Finds Support At $0.31, Price Consolidates Before A Retest Of $0.44

Ripple (XRP) has been trading sideways since mid August. The above chart for XRP/USD shows that the price has been consolidation on the 4H time frame after Ripple (XPR) tested its trend line. This consolidation has been taking place above the $0.31 level which has now become a strong support for Ripple (XRP). The price is unlikely to fall lower from here but the consolidation suggests that a rally towards $0.44 might be likely in the days ahead. Wave trend analysis for the above chart shows that the price is ready to breakout on the 4H time frame towards a...

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