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Bitcoin - Still Long Failed to break key resistance level

Aug 07, 2018

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Bitcoin - Still Long Failed to break key resistance level by KQMarkets on


Bitcoin was unable to consolidate at the key Fibonacci resistance level at $12227 we mentioned yesterday which could be due to the alleviation of tensions in the US/China trade war and uplift in equity markets.
The White House yesterday indicated that they were still open to negotiations with China and the Yuan has somewhat stabilised after the People's Bank of China allowed USDCNH to appreciate beyond 7.0000.
However, what is encouraging is that Bitcoin has steadied at the current level and not dropped sharply which it can do given it's volatile nature, we are therefore still bullish at this stage providing price doesn't fall below $11000.

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