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Has Bitcoin (BTC) Begun Its Downtrend?

Bitcoin (BTC) has declined way below the 21 day EMA as well as the 50 day EMA. This has now paved the way for further downside in the days ahead. The price has found temporary support at the 61.8% fib extension level but it is a long way from declining further. If we look at the price action in the recent past, we can see that similar declines have happened before. The price did end up declining more than 23% in one day recently and if something like that were to happen again, BTC/USD would decline towards the bottom of...

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Sally Ho's Technical Analysis 21 August 2019

Bitcoin Bitcoin (BTC/USD) continued to gain ground above the psychologically-important 10,000 figure early in today’s Asian session as traders continued to advance towards the 11,000 figure.  Short-term bias has firmed in the favour of BTC/USD Bulls over the past several days ever since the pair bounced higher from the 9,470.23 level on 15 August, representing the 50% retracement of the move from 5,072.01 to 13,868.44.  Bids then firmed up market sentiment around the 9,765, 9,938, 10,268, and 10,646 levels, leading to price appreciation. Traders have been attempting to establish a foothold above the 50-bar MA (4-hourly) for several sessions, and...

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Could The New Hash Rate High Boost BTC Price?

Another record has been broken by the Bitcoin hash rate and has even hit a new all-time high.  According to data from monitoring resource blockchian.com on August 19th, the top coin’s hash rate has continued to break previous records throughout summer and today hit a mindblowing 82.5 TH/s. In a tweet posted earlier this month, the host and popular bitcoin investor, Max Keiser reiterated his outlook for BTC’s future, saying:  “Price follows hashrate and hashrate chart continues its 9 yr bull market.” The argument goes that the higher the hash rate of bitcoin, the network is to be more secure,...

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Bitcoin (BTC) Plunges Below 21 Day EMA Amid Weakening Bullish Resolve

Bitcoin (BTC) has started the day in red and has now plunged below the 21 day EMA as the bulls seem to be losing the battle. There was an attempt to force the price up towards the top of the descending triangle but so far it has failed miserably because as I pointed out in my last analysis on Bitcoin (BTC), this was not real buying interest in the first place. It was just the market makers shaking out greedy bears which resulted in the price pumping short term. Before we delve further into this analysis think about this. How...

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Circle CEO: “Bitcoin Is For People Who Move Capital So They Can Control It Themselves”

The CEO of the Circle financial services firm based in Boston, Jeremy Allaire has just expressed his optimism in regards to Bitcoin being a safe haven for investors despite the lack of stability in the market over the past few weeks. Yesterday, 19th August, Allaire voiced his thoughts during the Squawk Box segment on CNBC.  He stated: "Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time. It’s the digital gold thesis, and...

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