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Why Bitcoin (BTC)’s Near Term Weakness Could Be A Massive Bear Trap

Bitcoin (BTC) has been very bearish the past few days which has made a lot of investors worried. Ironically, some bears like me that have been short since the local top now think we have come to a point where it is not worth the risk/reward to be short on Bitcoin (BTC) for now. There are a lot of reasons that suggest that the recent weakness in the market could actually be part of a major bear trap that could lead to a massive short squeeze in the near future. The difference between the bulls and the bears is that...

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Sally Ho's Technical Analysis 17 October 2019

Bitcoin Bitcoin (BTC/USD) was generally weaker early in today’s Asian session as the pair traded as low as the 7957.55 area after trading as low as the 7098.86 area during yesterday’s European session.  The pair depreciated sharply from the 8171.50 area during yesterday’s European session as BTC Bears finally found the conviction to push the pair below the 8130.75 area, representing the 61.8% retracement of the 7701.00 – 8826.00 range.  BTC/USD continues to trade below its 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly). Stops were elected below the 7966.50 area during the pair’s move lower, representing the...

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Bitcoin (BTC) Bulls Might Soon Take Control

When something seems too good to be true, it usually is too good to be true. In this case, I’m talking about ETH/USD and the manner in which it has declined. We have seen a sharp decline that was too obvious and a lot of traders might have profited off that. Most of you know that I have been bearish on Ethereum (ETH) since $222 but now I can see the outlook changing near term and this is why I would be very cautious being bearish here anymore. You can see on Crypto Twitter and YouTube that people have started...

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Bitcoin ETF Filing Updated From Wilshire Phoenix 

Once more, The United States Securities and Exchange Commission (SEC) has started accepting the public comments in regards to the updated Bitcoin exchange-traded fund (ETF) proposal by Wilshire Phoenix Fund. In the publics hands Putting this into the publics hands is risky given the lack of mainstream coverage the industry gets but then again, it could work in crypto’s favour. According to the official announcement posted on 15th October by the SEC, the investment management company Wilshire Phoenix and exchange NYSE Arca have just put in for an amendment to their Bitcoin ETF application to reflect new circumstances. According to...

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Bitcoin (BTC) Could Rally Higher If EUR/USD Confirms Trend Reversal

Bitcoin (BTC) could rally a lot higher from current levels if EUR/USD ends up breaking a key trend line resistance. This would have a very high probability of leading BTC/USD into doing the same. If Bitcoin (BTC) ends up breaking the downtrend it has so far respected, then we’re looking at a rally towards the 61.8% fib retracement level and potentially higher. This would be around $9,200 but the price could rise further to shake out some bearish positions and to lure retail traders into longing the market. Such a breakout would mean that the price might rise above the...

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