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BTC/USD Looking Weaker Early in the Weekend: Sally Ho's Technical Analysis 8 August 2020 BTC

Bitcoin (BTC/USD) backed away from testing the 12000 figure early in today’s Asian session as bears seized more control of the market after the pair encountered some resistance around the 11920.00 area during yesterday’s Asian session.  Traders are immediately focused on the 11395.78, 11372.38, 11350.94, and 11307.97 areas, representing the 23.6% retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas.  A key level where buying pressure recently emerged is around the the 11529.38 level,  a test of the 11510.44 area that represents the 50% retracement of a historical depreciation from 19891.99 to 3128.89.   Another technical...

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Chasing Bitcoin Higher Not Worth The Risk 

The price of Bitcoin seems to have put in a local top after extensive sideways action. It is still possible that BTC/USD might rally higher after consolidating in this range for a while. However, it is not worth chasing it higher at this point. The risks are too high and now that the CME futures gap has been filled, we don’t have much to look forward to. If the S&P 500 (SPX) were top out in the near future, Bitcoin will soon follow and crash like it did in March.    The reason we can expect a downtrend like that...

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Why bitcoin is the only asset worth owning according to the Real Vision CEO

Raoul Pal says his conviction levels in the leading Cryptocurrency are on the rise. Pal used to work for Goldman Sachs and applied the economic cycle theory in a variety of charts posted to Twitter early this week on the 6th of August.  The chief executive officer and founder of Real Vision, Raoul Pal has recently discussed bitcoin and says his conviction levels in the leading Cryptocurrency are on the rise as he compares the leading coin to traditional investments on numerous timescales. Pal used to work for Goldman Sachs and applied the economic cycle theory in a variety of...

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BTC/USD Higher After Technical Support at 11641: Sally Ho's Technical Analysis 7 August 2020 BTC

Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair found fresh buying pressure above the 11000 figure and was positioned to attempt to establish a new 2020 high.  Bids emerged around the 11529.38 level during yesterday’s Asian session, a test of the 11510.44 area that represents the 50% retracement of a historical depreciation from 19891.99 to 3128.89.   Another technical level that created some upward momentum during yesterday’s North American session is the 11697.77 area, representing the 23.6% retracement of the recent appreciation from 4670.69 to 13868.44.  Traders recently drove BTC/USD as high as the 12134.29 area before profit-taking pushed...

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Not A Good Time To FOMO Into Bitcoin

This is probably one of the worst times to FOMO into Bitcoin and I don’t mean just on the bullish side. We are currently at a point where based on the outlook of the S&P 500 (SPX) and that of indices like the Dollar Currency Index (DXY) and Shanghai Composite (SHCOMP), we can expect further upside near-term. That being said, Bitcoin has already filled the gap so what more are we looking forward to on the bullish side? The vast majority of retail traders can’t help themselves but open one trade after another. It’s like an addition for most especially...

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