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Bitcoin Might Trap More Bulls

Bitcoin has seen a significant move to the upside recently and now on the last trading day of the week for Bitcoin CME Futures and the S&P 500 (SPX), it continues to remain bullish near term. Unlike previous weekends when the price action has been inconsequential, this weekend could see BTC/USD make some moves. It would not be much of a problem if a gap is left to the downside because it could be filled on the way down anyway when the major downtrend begins. Meanwhile, the stock market is ready to rally higher to test key levels. For the...

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BTC/USD Again Eyes 7466: Sally Ho's Technical Analysis 17 April 2020 BTC

Bitcoin (BTC/USD) awaiting new market sentiment early in today’s Asian session as the pair continued to orbit the psychologically-important 7000 figure after peaking around the 7153.00 area during yesterday’s European session.  This followed a sharp move higher that commenced during yesterday’s Asian session with acute selling driving BTC/USD lower from the 6768.84 area to the 6456.00 area, its weakest level since 2 April when the pair climbed higher from the 6160.00 area.  Notably, this buying pressure was right around the 6467.26 level that represents the 61.8% retracement of the appreciation from 5853.00 to 7461.00.  Above current price activity, upside price...

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Did Bitcoin Just Flip Bullish?

The price of Bitcoin is currently trading well above $7k just as we anticipated yesterday. It was not an easy call for me to make because most people have a binary approach to trading, meaning you are either a bull or a bear. So, I have long been known as a bear to most such traders and I have been expecting BTC/USD to decline down to $1k which I still am. The reason I expected BTC/USD to do what it did was because the market rarely crashes straight to the ground. When you trade for a long enough time, you...

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ETH/USD to Eclipse 176.82? Sally Ho's Technical Analysis 16 April 2020 ETH

Ethereum (ETH/USD) appreciated in today’s North American session as the pair sought to extend recent gains that saw the pair pushed as high as the 174.80 area, following massive buying pressure during today’s Asian and European sessions.  Selling pressure emerged during yesterday’s North American session around the 161.50 level, and after a brief pop higher to the 158.33 area on a retracement, the downturn intensified with the market trading as low as the 148.08 area.  Chartists are observing that this low was right around the 148.05 level, the 38.2% retracement of October’s depreciation from the 199.50 level to the 116.25...

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Can BTC/USD Hold 6467.26? Sally Ho's Technical Analysis 16 April 2020 BTC

Bitcoin (BTC/USD) extended its recent pullback early in today’s Asian session as the pair continued to decline away from the psychologically-important 7000 figure after offers emerged around the 6940 level during yesterday’s Asian session.   Some bids emerged around the 6754.58 area during yesterday’s European session after Stops were elected below the 6776.19 area, representing the 50% retracement of the appreciation from the recent low of 6555.00 to 6997.38.   Additional areas of possible technical support related to this range include the 6723.99 and 6659.40 levels.  Traders are also looking to see if the pair can remain bid above the 6657.00 and...

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