RATE Group | Technical Analysis: Bitcoin Makes a Move Amid Uncertain Two-Weeks
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Technical Analysis: Bitcoin Makes a Move Amid Uncertain Two-Weeks

12 Oct Technical Analysis: Bitcoin Makes a Move Amid Uncertain Two-Weeks

Posted at 00:08h in Bitcoin News by

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Bitcoin, along with the wider cryptocurrency market took a tumble as the Dow, S&P 500, and Nasdaq take a beating for the second day in a row.

Bitcoin Price Market Overview

Bitcoin (BTC) 00 finally decided to make its move after the 50/50 market we’ve had for the past two weeks. The weak volume is a big indication that the market was very indecisive about which way it wanted to move, and also makes the market very high risk. Big orders can cause very big price swings.

We expected a continued upward movement to the $6,700 area, but Bitcoin fell after being rejected by diagonal resistance. There are two narratives being given right now — Bitfinex insolvency issues and suspended fiat withdrawals, as well as the fact that stock market traders in Southeast Asia sold large positions of their crypto holdings to cover poor margin trading calls after we saw a massive slide off in the equities markets. While I believe part of that is true, the reality is that the volume and liquidity…

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