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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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Sally Ho's Technical Analysis 16 October 2019

Bitcoin Bitcoin (BTC/USD) was mostly sideways early in today’s Asian session after the pair fell and traded as low as the 8085.65 area during yesterday’s North American session.  The pair peaked around the 8420.00 level during yesterday’s Asian session and then retreated to the 8240.00 level during yesterday’s North American session, right around the 100-bar MA (4-hourly).  Chartists observed a convergence of the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly), an indication that market bias remains unclear. Technical Bids recently emerged to protect the 8130.75 area, representing the 61.8% retracement of the move from 7701.00 to 8826.00,...

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Is Bitcoin (BTC) Ready To Crash Again?

Bitcoin (BTC) is not at a favorable point for further upside. It has been trading sideways for the past few days but it is now beginning to get clearer that all it has been doing is stalling a sharp move to the downside. Make no mistake; we could still see another fake out that might see the price breaking out of the descending triangle to shake out some aggressive bears and trap in some bulls before the next downtrend begins. However, that would merely delay the inevitable and what is meant to happen will happen sooner or later. There is...

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Sally Ho's Technical Analysis 15 October 2019

Bitcoin Bitcoin (BTC/USD) was slightly weaker  early in today’s Asian session as the pair moved to the 8328.81 level after trading as high as the 8420.00 area late in yesterday’s North American session.  Some traders have reevaluated market sentiment following the rapid sell-off early in yesterday’s Asian session that saw a plunge from the 8446.03 level to the 8146.47 area in just a few minutes.  Technical Bids emerged to protect the 8130.75 area, representing the 61.8% retracement of the move from 7701.00 to 8826.00.  Below that area, the 7966.50 area represents the 76.4% retracement of the same range.  If a...

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Bitcoin (BTC) Cannot Trade Sideways For Long

Bitcoin (BTC) made a big move to the downside after we last talked about it on Friday but in the days that followed it has practically traded sideways. However, now it has run into a key trend line resistance and is once again on the verge of a sharp decline. The last time this happened, we saw the price decline massively and if the same happens again then we are looking at BTC/USD declining towards the bottom of the descending triangle that we see on the daily chart. This is a bearish development for the overall market but it is...

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