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Changing EUR/USD Outlook Is Bad News For Bitcoin (BTC)

The changing outlook of the EUR/USD forex pair is bad news for Bitcoin (BTC). The 4H chart for EUR/USD shows that the pair could decline below the rising wedge back into the falling wedge. If that happens, we are very likely to see a sharp decline in the cryptocurrency market as well because the EUR/USD forex pair makes up for most of the Dollar Index (DXY). A decline in EUR/USD means a rise in the strength of the US Dollar and therefore a decline in the prices of cryptocurrencies in dollar terms. The S&P 500 (SPX) might also be at...

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Sally Ho's Technical Analysis 1 November 2019

Bitcoin Bitcoin (BTC/USD) moved lower early in today’s Asian session as the pair receded back to the 9055.93 area after appreciating to the 9433.00 level during yesterday’s North American session.  The pair has continued to drift lower from 28 October following its peak around the 9939.69 area, absorbing some areas of technical Support along the way. This includes the 9301.26 area, representing the 38.2% retracement of the 7296.44 – 10540.49 area.  The level has since become technical Resistance during the past few trading sessions, leading to speculation that BTC/USD is headed lower.  Below this area, the 8918.47 area represents the...

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Bitcoin (BTC) Inches Closer To Another Crash

The S&P 500 (SPX) has just touched a key trend line resistance after making a new all-time high. This is an important development because it means we could be on the verge of another downtrend in the stock market and if a downtrend begins in the stock market then the cryptocurrency market could crash hard as it did last year when the index declined. This is a point where we could expect a correction in the stock market as well as the cryptocurrency market. Considering that there is more room for decline this time, the next downtrend in the stock...

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Can Bitcoin (BTC) Still Decline Below $9,000?

Bitcoin (BTC) pumped through the trend line resistance and invalidated the descending triangle. This has left a lot of traders wondering if BTC/USD can still break below $9,000. In our previous analyses on BTC/USD we said that this descending triangle will be invalidated. There was a reason to let that happen and that was to trap in the bulls and discourage retail bears from shorting the market just before a major downtrend. Traders looking to sell might considering selling some at this point whereas those looking to short sell might want to wait for confirmation before opening trades. We have...

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Happy 11th Birthday, Bitcoin!

Happy Halloween! Or as we say in the crypto space, happy birthday to Bitcoin! Yes, Bitcoin turns eleven today as it has been just over a decade since the publication of the Bitcoin white paper by the still-unknown person or group only known as Satoshi Nakamoto. Outlining a tamper-proof, decentralized peer-to-peer protocol, the Bitcoin: A Peer-to-Peer Electronic Cash System publication was published on October 31st, 2008 and has since changed the world. As per CT: ”The protocol represented a cryptographically-secured system — based on a Proof-of-Work algorithm —  in which Bitcoins (BTC) are “mined” for a reward by individual nodes...

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