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Yesterday afternoon an update here noted the disappointing price action on Bitcoin. Indeed, even as US stocks advanced further yesterday, on this occasion BTC was not able to go with them, after yet another failure above 61k. In fact, looking at the daily charts we can see a clearly defined short-term double top (and potential mini- head and shoulders) in place above that level. BTC peaked at 61,584 late on Tuesday and 61,767 yesterday afternoon. The failure to hold a slight push above the 50 day moving average yesterday was not ideal either. That is now in place today at 61,593. Higher up, now at 62,345 lies the 200 day moving average and so far this week that has not remotely been put to the test. The price action today has seen BTC come close to another break below 58k. The low seen so far has been set at 58,039. The earlier high was set at 59,160. Bitcoin is currently trading at 58,310
Owing to technical reasons, after this there will be no more updates from this analyst until early tomorrow morning. In the meantime, we should note...
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There is not that much of importance due out today in terms of US data releases or Q1 earnings reports. However, as far as earnings go, that sees...
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