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Crypto Enthusiasts Turn to Technicals for Guidance After Slump

From bnnbloomberg.ca

Amid another choppy day for most cryptocurrencies, digital token aficionados are turning to technical indicators for clues as to where Bitcoin and Ether may go next. Bitcoin, mired in a rough spell that’s seen it lose near 20% since its record high earlier this month, has been trading below its 50-day moving average, which many see as a bearish development. Ether, on the other hand, on Wednesday managed to bounce off of its own such trendline. The second-largest token sees good round-number technical support at $4,000, according to Mike McGlone, a commodities analyst at Bloomberg Intelligence. “It seems to be a ... (full story)

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  • Category: Technical Analysis