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Bitcoin (BTC) Unmoved By Short Lived Pumps

Bitcoin (BTC) has started its decline after a fake move to the upside. When it happened, I pointed out that it was just short lived manipulation aimed at shaking out the bears before the major decline kicks in. This was not the first time it happened and it surely won’t be the last. Before every major turning point in the market, market makers try to scare off traders on both sides and keep them as confused as possible. As we can see on the BTC/USD chart, they ended up shaking out the bears as well as the bulls around that...

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Bitcoin (BTC) Resumes Downtrend To $9,900

Bitcoin (BTC) has finally declined below $10,400 to begin its downtrend. It kept stalling this move for long but now we have seen it decline following the same fractals as it did just before in August, 2019. There are strong similarities between the two fractals. If we take a look at the 1H chart for BTC/USD, we can see that the price tested the top of the trend line resistance and declined from there to the 200 EMA last month. The same thing has happened this time as well. In addition to that, we have seen Bitcoin (BTC) find support...

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Bitcoin (BTC) Is At A Turning Point

Bitcoin (BTC) has closed the day below the 38.2% fib extension level as we expected. This is now the third consecutive daily close below this level. Although the price has begun the day in green and has rallied past this level, the most probable scenario would be that it will end the day below it just as it did for the past three days. The reason why I expect that to happen is because the current phase of the ongoing market cycle bears a strong resemblance to the 2014 part of the previous cycle. The difference is that the price...

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Bitcoin (BTC) Outlook Remains Bleak

Bitcoin (BTC) has now formed a long legged doji on the daily time frame and it appears that this whole song and dance last night was about that. The price ended up rallying past $10,624 leading investors into falsely believing that the price was entering a new uptrend. However, it ended up closing the day below the $10,624 mark just as it did the day before. So, this tells us that the price has topped out here and despite the short term staged confusion in the market, a sharp downtrend is inevitable form this point forward. A long legged doji...

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Bitcoin (BTC) Has Finally Begun Its Downtrend

Bitcoin (BTC) is trading within a symmetrical triangle and a descending triangle at the same time. It has to break out in the weeks ahead. The bulls expect it to break higher while the bears expect it to break lower. Either way, this is the last phase of this tug of war between the bulls and the bears. After this, one of the sides will have a clear victory. If we look at the daily chart for BTC/USD, we can see a large descending triangle that is very likely to break to the downside this time. Some investors were surprised...

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