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Bitcoin (BTC) Dominance Could Rise Further As Market Enters Downtrend

Bitcoin (BTC) dominance broke out of a large falling wedge as the market pumped hard recently. Bitcoin (BTC) led the rally with the most gains rising more than 43% in less than 48 hours. This was unprecedented and manipulated to say the least but it is no use talking about that in the absence of regulation in this market. Let us talk about Bitcoin (BTC) dominance which has more room to rise further now that it has broken past the key 38.2% fib retracement level. It is likely to test this level as support once more and after that it...

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Sally Ho's Technical Analysis 28 October 2019

Bitcoin Bitcoin (BTC/USD) appreciated to the 9732.26 level early in today’s Asian session as  the pair continued to steadily move higher from Saturday’s North American session.  Following the pair’s recent spike to the 10540.49 area, the markets came off and traded as low as the 8917 area before gliding slightly higher.  This has been a very technical recovery following the pullback because the 8918.47 area represents the 50% retracement of the move from 7296.44 to 10540.49.  Some profit-taking then was seen around the 9301.26 area, representing the 38.2% retracement of the same range.  Market sentiment had been negative following the...

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Bitcoin (BTC) Ready To Begin Its Long Awaited Downtrend

Bitcoin (BTC) has finally begun its long awaited downtrend. The whales and market makers were aware that a lot of traders were waiting for this so they pumped the price hard and shook them out. Yes, most of them are already out either by their own will or forced out and liquidated. The daily chart for BTC/USD shows that the price pumped hard to test the previous market structure but it ended up breaking past that market structure within the same day. The candle ended up closing well below the previously broken market structure but the manner in which it...

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Brand New ETF Proposal Filed with SEC, But Will it Go Through?

Kryptoin Investment Advisors, the US-based asset manager, has just applied with the United States Securities and Exchange Commission (SEC) to release a Bitcoin (BTC) Exchange Traded Fund (ETF). Announced last week in a filing document published by the Securities Commission, the Kryptoin Bitcoin ETF Trust is supposed to be traded on the New York Stock Exchange Arca. In fact, the ETF product has been designed to “provide exposure to bitcoin at a price that is reflective of the actual bitcoin market where investors can purchase and sell Bitcoin, less the expenses of the Trust’s operations.” As per CT: “The company...

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North Carolina US Representative Thinks Lawmakers Should just say ‘yes’ to Crypto

The United States Congressman who represents North Carolina’s 10th District, Patrick McHenry has recently said he wants lawmakers’ first reaction to crypto innovation to be simply, “yes.”  The North Carolina 10th District Representative made his comments during a recent interview published this week for Laura Shin’s podcast. Raising Observations McHenry related his observations of the crypto space’s development, underscoring that the huge value imprinted in Bitcoin has become quickly known. He soon saw that the responses form regulators would struggle to keep pace with a whole range of new ideas. “My conclusion was, any action by the government — really...

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