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FxWirePro: eToro on 10th anniversary of bitcoin – BTC/USD bearish patterns pops-up at descending triangle resistance

On the eve of 10th anniversary of Bitcoin, eToro, the leading global trading and investment platform, has commented on the intricacies of Bitcoin, such as, Bitcoin’s speed of adoption versus other technologies (such as, GPS, email and electricity) as well as Bitcoin’s continued dominance despite the growth of other crypto-assets.

  • Crypto Transforming the Global Payment System: With built-in safeguards against fraud and false identity, greater transparency, lower fees for cross-country transactions, and free from government interference, cryptocurrencies are primed to transform payment systems around the world.
  • Email to the internet is the equivalent of bitcoin to blockchain:Email brought the underlying technology to the masses. While the internet revolutionized the transfer of information, blockchain will reshape the transfer of value. 
  • Ten Years On - The Disruptive Impact of the Bitcoin Whitepaper:eToro believes that in the future, all assets will be tokenized and we will see the greatest transfer of wealth ever onto the blockchain. The creation of bitcoin is just the first step. The examples of tokenized gold, diamonds, and art, along with the development of crypto-assets, cannot be ignored.
  • Technically,BTCUSD minor trend has sliding through descending triangle which is bearish pattern. The pair has formed shooting star and gravestone doji patterns at triangle resistance, precisely at $6,742 and $6,754 levels respectively, these bearish pattern candlesticks nudge the prices below 7DMAs with bearish crossover. For now, more slumps likely as both RSI & Stochastics signal the intensified bearish momentum on daily terms.
  • The major trend oscillating between $5700 - $11700 levels, Bulls holding stronger supports at range base. But any breach below these levels would pose extreme bearish risks as both leading oscillators (RSI & Stochastic) and MACD have been bearish.

Currency Strength Index: FxWirePro's hourly BTC is inching at -130 (which is bearish), USD spot index is flashing at 7 levels (which is neutral), while articulating (at 09:39 GMT). 

For more details on the index, please refer below weblink:http://www.fxwirepro.com/currencyindex

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December 17 08:00 UTC Released

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3.9 %

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3.9 %

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-1541 %

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