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Sally Ho's Technical Analysis 31 July 2019

Bitcoin Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair climbed to the 9839.83 area following its recent dive below the psychologically-important 10,000 figure. The move higher challenged the 100-bar MA (4-hourly) that has kept the pair pressured for several trading sessions and this technical Resistance has driven the pair lower to test some technical Support, including the 9285.48 area that represents the 50% retracement of the move from 4,702.53 to 13,868.44.  The pair’s next upside price objective related to this range is 10,367.06 and the pair’s next downside price objective related to this range is 8,203.91. If...

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Bitcoin (BTC) Rally Towards $12,000 Likely But A Brutal Downtrend Awaits

Bitcoin (BTC) is holding strong above the $9,508 support and is now eyeing further upside. If the price breaks above the 50 day EMA, it will be in the clear to shoot as high as $12,000 before the long awaited downtrend kicks in. If we take a look at the daily chart for BTC/USD, we can see that the 38.2% fib extension level from the parabolic rally of 2017 has been an important level for the price. This is a strong resistance zone that the price has failed to breach effectively. Now that we are seeing the sentiment turn bullish...

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As Bitcoin Floats Around $9.5k Bearish Pattern Forms

According to data from Coin360, not much has changed in Bitcoin’s behaviour after the leading cryptocurrency all of sudden lost $800 in its value across the weekend. This came as a surprise to many as Bitcoin dropped from $10.1k to around the $9.2k mark. So now the attention from many enthusiasts is aimed at Bitcoin Futures - as the end of the month means settlement something which has traditionally placed downward pressure on the Bitcoin price before payouts take place.  For the popular analyst and trader Josh Rager, the near-term course for BTC/USD could involve an uptick towards $10k but...

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Bitcoin (BTC) Unlikely To Fall Before Further Upside

Bitcoin (BTC) has closed the week above a strong support as it keeps on testing the 38.2% fib extension level. The price is showing signs of weakness while it remains below the 38.2% but it is important to note that the more it tests this level, the more likely it is to eventually break above it. The probability of BTC/USD climbing above $10,000 still remains quite high even though the price has started the week in red and has declined below the support it closed above. The price is still highly likely to close the week above the $9,508 mark....

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Peter Schiff Suggests Bitcoin Relies On FOMO And Running HODLers

The price of Bitcoin is currently at $9.5k which has made a lot of bulls come out to say that now is the buying opportunity with sceptics claiming it is a chance to make digs. The gold bull, Peter Schiff is amongst the first to jump to the opportunity and rather than buying, he is doubling down on his bearish statement. The funny thing is there are a few similarities between the nascent crypto market and the early days of the gold rush. Schiff is pointing to the market dynamics as a weakness while crypto market leaders are reminding him...

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