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Despite BTC's respectable 9.67% range up to $7,772 during the last week, bears rejected the move upward to reclaim the weekly level. The high around $7,632 was still 1.26% short of the previous weekly high at $7,870, creating a lower high and beginning the pattern for a bearish pennant.
As Bitcoin starting hinting at a bea...
Brief euphoria gripped the bulls last week as Bitcoin's price rocketed up 20% from last November's dump level around $6618. However, the initial test of the previous support at $7933 appears to be a failed retest, providing bears with an excellent entry.
This move is also the next piece of a classic distribution pattern. I...
During this last week, Bitcoin's price plunged faster than the bulls' tears, dropping over 20% to $6785. Possible support lies at a daily orderblock ranging from approximately $6200 to $6475, but more secure support is at the confluence of a daily and a weekly orderblock between $5627 and $5784.
Bears may get another chanc...
Last week, Bitcoin dropped 7.85% as it continued its gentle descent after the failed retest of the prior supporting orderblock around $9750. The price is currently resting on a pivotal level marked by the top of the daily orderblock around $8420, testing it for support.
If this level doesn't hold, a much more significant d...
During the last two weeks, Bitcoin retested the previous support of the summer's distribution zone. Last week, the 9.65% drop confirmed this as a failed retest, and the price continues to bleed downwards gradually.
Instead of dropping along with Bitcoin, the altcoin marketcap is continuing to hold steady around $80 billion...
Bitcoin's surprise volatility in late October failed to continue over the last week as the price drifted in a paltry 9.7% range. So far, it looks like it may be a failed retest of previous support. The altcoin marketcap shows little signs of life and hold relatively steady around $80 billion.
The price is forming a descend...
Traders bored with Bitcoin's compressed range can relish the nearly 43% surge in the price during last week. The bullish euphoria may be short-lived, though, as a view of the higher timeframes shows a retest of the lower bound of the summer's range.
Will this old support turn into resistance before a further drop? It...
Bitcoin continues to leave the market salivating in anticipation of its next move. The previous consolidation periods in April and May both lasted approximately four weeks - a period which we've just reached in this consolidation period.
This timing makes it more likely that the next crucial move is coming very soon....
Bitcoin continues to wobble in limbo near the $8200 mark in a 12% range. A break of resistance near the $8500 mark was met with rejection near $8815, near the previous $9000 support. This move may have been a retest providing short entries before a further drop, but the price continues to consolidate near $8300 for now.
Me...
Bitcoin wobbles in a tight 10% range after its massive plunge in late September. So far, it's found support in May and June's orderblocks, but price action is beginning to show classic signs of distribution in a market cycle.
Similarly, the altcoin marketcap has held relatively stable around $70 billion during the last wee...
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