Published On: Fri, May 18th, 2018

Bitcoin Price Analysis: BTC Poised for $9,000s Amid Weak Lows

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A short-lived rally gave eager bulls false hope as the the market attempted to break back into the trading range (TR) outlined in last week’s BTC Market Analysis. As noted in our last discussion, a break back into the TR would be considered a period of evaluation and an inability to maintain support within the TR would likely lead to a continuation of the downtrend:Figure 1: BTC-USD, 2-Hour Candles, Downtrend ContinuationAfter establishing the Major Sign of Weakness (SOW), the market made a feeble rally and ultimately formed a Last Point of Supply (LPSY) at the bottom of the …

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