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Bitcoin key points:
- Bitcoin puts an end to the upward trend that has dominated the last six sessions.
- This change of operation is part of the development of a buying dynamics of the rumor to sell the fact.
- Technically speaking, Bitcoin could record a smaller downturn to continue with the bullish path.
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ANALYSIS OF BITCOIN
The bullish series of Bitcoin is coming to an end. This move to the markets takes place after the bulls have dominated during the last six days of operation. From the accounting point of view, this failure rejected BTC / USD around $ 9,500 to yield around $ 9,000.
From the point of view of causality, everything seems to be that we develop a rumor buying agent, selling the fact.
In previous sessions, the crypto badet market was supported by the rumor that Facebook would develop its own cryptocurrency. For the needs of today, officially, the largest online social network in the world has confirmed the project and presented "Libra".
As this largely supports the market for cryptoactivity, as we have already discussed, this positivism had already been expected and, as a result, investors began to take profits. Factor that has reduced the price.
In the near future, it will be crucial to continue to monitor the development, ease of implementation of this cryptocurrency and its insertion in the economy. If they are widely accepted and bring real benefits to the payments of the population, this will further support the cryptoactivity market.
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TECHNICAL ANALYSIS OF BITCOIN
BTC / USD Daily Chart:
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On the technical side, this rejection comes after the Fibonacci retracement of 38.20% from the collapse of 2017 – 2018 worked in resistance.
Although in the long run the outlook is starting to become more attractive and the outlook is optimistic, in the near future we could most likely expect a smaller correction. In this case, the bullish forecasts of the low end of April will be our first level of support.
This could be a place where investors could seek to enter long positions on the BTC / USD in order to seek a possible continuation of the rise.
As an invalidation level in this perspective, we would use the previous level of Fib. 23.60%.
If the 38.20% ($ 9,487) level is exceeded, the bullish target will increase to 61.80% from the 13,412.
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Written by Quasar Elizundia – Market Analyst
Follow me on @QuasarElizundia
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