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Bitcoin Vulnerable After Shocking NFP Report

Bitcoin shot up past $10k and has now retraced from there but it is still waiting to react to the damning NFP report that was released today. The report puts unemployment at 14.7% with more than 20.5 million Americans losing their jobs. This is absolutely catastrophic and indicates what may be about to come next. Market reaction has been tamed thus far and a lot of traders and analysts are not convinced that things are that bad. They think most of those jobs were “low income jobs which will be filled in the months ahead when lockdown is lifted”.  At...

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ETH/USD Bids Around 207 Shift Focus to 215: Sally Ho's Technical Analysis 8 May 2020 - ETH

Ethereum (ETH/USD) consolidated some earlier gains during today’s North American session as the pair fell back to the 211.83 level after trading as high as the 217.00 area during today’s North American session.  Stops were elected above the 215.15 level during the climb to multi-day highs, a level that represents the 61.8% retracement of the recent depreciation from 227.50 to 195.17.  During the pair’s subsequent pullback, technical buying pressure emerged around the 207.52 area, representing the 38.2% retracement of the depreciating range.  If the pair is able to resume its upward trajectory, traders will pay close attention to the 219.87...

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10316 Next for BTC/USD?: Sally Ho's Technical Analysis 8 May 2020 - BTC

Bitcoin (BTC/USD) extended its recent push towards the 10000 figure in today’s Asian session as traders elected Stops above the 9575.05 and 9753.86 levels during yesterday’s North American session, upside price objectives related to buying activity that originated around the 3858.00 level in March.  Some minor Stops were elected below the 9080.39 area during the pullback in yesterday’s Asian session, a downside price objective that represents the 38.2% retracement of the recent appreciation from 8533.98 to 9418.00.  Bullish market indications emerged thereafter as traders were able to keep BTC/USD bid above the 9225.75 area, a level that represents the 76.4%...

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ETH/USD Bulls May Attack 208.76 Again: Sally Ho's Technical Analysis 7 May 2020 - ETH

Ethereum (ETH/USD) continued to orbit an important technical level during today’s North American session as the pair moved back above the 206.29 level, an area that represents a downside price objective related to March selling pressure that originated around the 253.01 area.  Some bullish technical indications emerged during the European session when bids emerged above the 202.80 level, representing the 23.6% retracement of the recent depreciation from 227.50 to 195.17.  Buying pressure intensified around the 203.67 area, representing the 50% retracement of the recent appreciation from 195.17 to 212.17.  Traders were also able to briefly push the pair above the...

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Why Bitcoin Risks A Major Decline

Bitcoin has started the day in green and is trading well past $9.3k now. We expect further upside towards $10k as the S&P 500 (SPX) has also started the day in green ahead of the US job numbers report which will be released tomorrow. This is the day both markets have to make some gains and I think the big players in this market know it which is why they are likely to capitalize on it and we might see the price of Bitcoin pump higher today. The long-term outlook of BTC/USD remains unchanged and we still expect a major...

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