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Bitcoin bears load up above a key support level – JPY and CNH in focus
It was another bearish session for crypto traders yesterday as the US dollar and yields continued higher whilst Wall Street and sentiment in general moved lower. And that has driven Bitcoin down to a key support, otherwise known as its YTD low on the futures charts. chart The daily chart is clearly within a downtrend, and prices broke out of a small consolidation yesterday and reached a bearish target projected form a rising wedge pattern. However, what has really grabbed my attention is how volumes were rising into the YTD low (18,525) which suggests bears were loading up in anticipation of a bearish breakout. ... (full story)