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Bitcoin Looks for Momentum
Bitcoin fell a bit during the trading session on Friday, but it still looks fairly well supported just above the 50 day EMA. By staying stable in this area, it does suggest that perhaps sooner or later we will turn things around and rally. Keep in mind that Bitcoin of course, is dealing with a very strong U.S. dollar, but perhaps more than anything else, it is dealing with the excess froth of rallying 92% in six weeks like it did after the announcement of the ETF and the subsequent inflow of money from institutions. This has been amazing to watch, but at the same time, we need some type of stabilization to continue ... (full story)