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Vladimir Zernov
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Bitcoin

Bitcoin Stays Strong After Yesterday’s Upside Move

Bitcoin is currently trying to settle above the 20 EMA at $47,100 while other cryptocurrencies are mostly flat as traders wait for the results of this test. Ethereum is testing the resistance at $3,400. Dogecoin is trying to settle back above $0.24 while XRP is stuck near $1.09.

Bitcoin has been volatile in recent trading sessions after a fake press release stated that Walmart would partner with Litecoin. This press release was quickly refuted, and Bitcoin found itself under pressure.

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However, Bitcoin received support near $44,000 and gained upside momentum as traders rushed to purchase Bitcoin after the pullback. If Bitcoin manages to settle above the 20 EMA and moves closer to the psychologically important $50,000 level, other cryptocurrencies will get more support.

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Technical Analysis

Bitcoin is currently testing the resistance level at the 20 EMA. In case this test is successful, it will head towards the next resistance at $48,000. A move above this level will push Bitcoin towards the major resistance at $50,000.

In case Bitcoin manages to settle above the psychologically important resistance level at $50,000, it will gain additional upside momentum and head towards the resistance at $51,500. A successful test of this level will push Bitcoin towards the next resistance which is located near the recent highs at $53,000.

On the support side, a move below $47,000 will push Bitcoin back towards the support at $46,000. If Bitcoin settles below this level, it will move towards the support at the 50 EMA near $45,200.

A successful test of the support at the 50 EMA will open the way to the test of the next support at $44,000. In case Bitcoin declines below this level, it will head towards the next support which is located near the recent lows at $42,600.

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