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Thread: Bitcoin Analysis

  1. #241
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    Bitcoin price continues to decline to approach the intraday bullish channel’s support line, to keep the bearish trend scenario valid for the upcoming period, reminding you that our waited targets begin at 8000.00 and extend to 7000.00, while holding below 8643.35 represents the most important condition to continue the expected decline.



    Expected trading range for today is between 7500.00 support and 8600.00 resistance

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    The BTC price has fallen after the search in the South Korea's cryptocurrency stock Exchange - Upbit.
    See a full cryptocurrency weekly price review here: https://www.xmlgold.eu/en/news/artic...-value-report/

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    Bitcoin Still Bearish

    Bitcoin is still looking bearish on the daily charts. On Friday we hit a new interim low of $7,921 but from here we got a bounce to $8,590 dollars. Right now we’re somewhat in between these two figures at $8,290 dollars.



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    Bitcoin fell on Thursday for the fourth straight day to a six-week trough on track to swoon below $7,000 as liquidity escapes the market on regulatory concerns around the globe.



    At Bitstamp, bitcoin fell $230, or 3.1% to $7,280 from the opening of $7,510, with an intraday high at $7,733, and the lowest since April 12 at $7,267.



    Bitcoin tumbled 6% on Wednesday, the third loss in a row and the largest since May 11.



    Market value of cryptocurrencies fell $12 billion to a total of $324 billion, the lowest since April 18, with the market losing $70 billion of value so far this week.



    US and Canadian authorities announced a shared campaign to investigate initial coin offerings and cryptocurrency investment plans, with the North American Securities Administrators Association (NASAA) leading the combined effort.



    The NASAA has so far opened over 70 investigations into the matter and decided to close many illegal and unlicensed projects.



    Otherwise, in the latest report from China's industry and information technology ministry, the government reiterated its hard stance against the crypto business and its risks, calling on the public to avoid speculation and dishonest advertisement.



    In India, the supreme court decided to throw out all complaints against the latest crackdown by India's central bank on banks that provide cryptocurrency-related accounts.



    The Indian government is considering an 18% tax on crypto trading, which would weigh further on the struggling business there.

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    Bitcoin price keeps declining to approach our waited target at 7000.00, which keeps our bearish overview valid efficiently in the upcoming sessions, supported by the negative pressure formed by the EMA50, reminding you that holding below 8643.35 represents the most important condition to continue the expected decline.



    Expected trading range for today is between 7000.00 support and 8000.00 resistance

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    Bitcoin price did not show any strong move since morning, to continue fluctuating around 7100.00 level, waiting to touch our first target at 7000.00, which breaking it represents the key to extend the bearish wave towards 6039.30, noting that holding below 7550.00 represents the first condition to continue the expected decline.



    Expected trading range for today is between 6500.00 support and 7600.00 resistance



    Expected trend for today: Bearish

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    Bitcoin price continues to fluctuate around the EMA50, while stochastic shows clear overbought signals, to keep the bearish trend suggested for today, which depends on holding below 7910.00 and the most important below 8643.35 level, reminding you that our waited targets begin by breaking 7000.00 to open the way to head towards 6039.30.



    Expected trading range for today is between 6700.00 support and 7900.00 resistance

  9. #248
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    Bitcoin price shows some slight bullish bias to move above the EMA50, but as long as the price is below 7900.00, the bearish trend scenario will remain active for today, organized inside the bearish channel that appears on the chart, reminding you that our main targets begin at 7000.00 and extend to 6039.30.



    Expected trading range for today is between 6700.00 support and 7900.00 resistance

  10. #249
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    Bitcoin Down by 10 Percent

    Bitcoin prices are trading lower by 10 percent. Most of the losses transpired on May 23rd when we dropped from $8,102 to 7,580 dollars per coin. Since then we’re stayed mostly flat.



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    Bitcoin (BTC) is slightly up today, currently trading at $7,704, having gained about 1 percent in 24 hours to press time and around 6 percent over the week. However, the cryptocurrency is still down 17 percent over the last month.

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    Bitcoin Slightly Higher

    Bitcoin has advanced higher by almost 2 percent in a low volatility environment. The high during the past seven days was at $7,775 and the low at $7,270 dollars, a range of $505 dollars or close to 7 percent. This is very low compared to recent price movements. For example the 14 week ATR (Average True Range) is around $1,500 while the 5 week ATR is at almost $1,000 dollars.



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    Bitcoin price traded with strong negativity to succeed surpassing our first target at 7000.00 and settles below it, reinforcing the expectations of continuing the bearish trend on the short term basis, paving the way to head towards our next target at 6039.30.



    Therefore, we will continue to suggest the bearish bias in the upcoming sessions supported by the negative pressure formed by the EMA50 unless breaching 7575.00 level and holding above it.



    Expected trading range for today is between 6039.30 support and 7165.00 resistance

  14. #253
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    Bitcoin Nears Yearly Lows

    Bitcoin hit a low of $6,129 earlier in the day, only $149 dollars away from the 2018 low at $5,980. The strong support around the $6,400 level seems to be cleared now although a short-term dead-cat bounce is not out of the question. We are currently quoted at $6,498 dollars.



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  15. #254
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    Bitcoin price shows sideways and tight trading in the past days, keeping its stability below the bearish channel’s resistance that appears on the chart, noticing that stochastic provides negative overlapping signal now, to form negative motive that we are waiting to assist to push the price to decline, reinforcing the expectations of continuing the bearish trend in the upcoming sessions.



    Therefore, the bearish trend scenario will remain active unless breaching 6800.00 and holding above it, noting that our next target is located at 6039.30, which breaking it represents the key to extend the bearish wave to reach 5555.00.



    Expected trading range for today is between 5700.00 support and 6800.00 resistance

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    Bitcoin Higher but Downtrend Remains

    Bitcoin is up 6 percent by since our last update. Prices bottomed out at $6,129 dollars last week, very close to the all-time low for BTC/USD at $5,980 dollars.



    Read more on FXOpen blog.

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