Bitcoin Spike Causes 11% Increase in a Single Day

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In Brief
  • -Bitcoin has broken out from a descending resistance line that has been in place since December 2017.

  • -There is short-term weakness in the trend.

  • -The price has possibly finished wave 3 of a five-wave Elliott formation.

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On July 27, the Bitcoin price began a massive rally, reaching a daily close 11% higher than the opening price. This move also caused a breakout above a resistance line that had been in place for nearly three years. Bitcoin's Massive Breakout The Bitcoin price had been following a descending resistance line since it reached an all-time high in December 2017. Yesterday's pump finally
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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