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Unprecedented Dow Jones (DJI) Crash Spells Trouble For Bitcoin (BTC)

The stock market is in serious trouble with the Dow Jones (DJI) declining by 1,200 points in one day, the biggest ever such decline in history. This is a reaction to rising concerns over the outbreak of Coronavirus and its impact on global businesses and markets. The cryptocurrency market also saw a reaction to the previous decline and it crashed hard below $9k but we have yet to see a reaction to the recent crash. Bitcoin (BTC) has now declined down to $8,432 and has filled the CME Futures gap on the last trading day of the week and the...

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Sally Ho's Technical Analysis 28 February 2020 BTC ETH

Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair receded to the 8667.69 area after trading as high as the 8972.92 area during yesterday’s North American session.  The pair traded as low as the 8520.00 level during yesterday’s Asian session, its weakest print since late January.  Sentiment has steadily eroded after the pair peaked around the 10522.51 area in mid-February, with retracement rallies higher becoming capped at lower highs including 10400.00, 10315.00, and 10030.00.  Chartists and technicians are paying close attention to some important retracement levels related to the pair’s trading ranges from earlier this year including bases...

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Bitcoin Correction May Not Be Over Yet

The price of Bitcoin declined sharply as we expected it to. It has now not only declined down to the 200-day moving average but it has also started another day below it. This has now increased the odds of further downside. At the moment, the outlook remains bearish. On the 12H time frame for BTC/USD, the price remains below the 200 EMA. As long as that is the case, we will continue to be bearish on the market. If we see a close above the 100-day moving average, the odds of a bullish reversal would improve. Barring that, we are...

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Bitcoin (BTC) Unlikely To Hold Trend Line Support, Another Decline Expected 

Bitcoin (BTC) is unlikely to hold the current trend line support. After yesterday’s close above the 200-day moving average, retail traders rushed in to buy their favorite coins giving the market makers and the whales another opportunity to pull the price lower. The 38.2% fib level that is currently holding the price is unlikely to do that for long. We are more likely to see a decline down to the trend line support in the hours to come and I don’t think it is going to hold. The bulls have clearly lost momentum and BTC/USD is struggling to break past...

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Peter Schiff: “There's a sucker born every minute and many of them own Bitcoin.”

Peter Schiff has once more taken the opportunity to make digs at enthusiasts of the crypto industry following bitcoins crash earlier this week. Schiff claims the volatility of the leading cryptocurrency made it inferior to gold. The well-known hater of bitcoin, Peter Schiff has once more taken the opportunity to make digs at enthusiasts of the crypto industry following bitcoins crash earlier this week. The thread of tweets published by the well-known naysayer on the 25th of February, claims the volatility of the leading cryptocurrency made it inferior to gold. BTC/USD has been seeing some significant pressure for selling this...

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