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The traditional market got off to a hot start in early trading on Monday, but the momentum began to fade as the day progressed, with the major indices trending down as the markets headed toward the close. When the dust settled, the S&P and Dow managed to finish in the green, up 0.07% and 0.12%, respectively, while the Nasdaq recorded a loss of 0.11%.
Additional Bitcoin analysis was provided in the most recent Trade Letter from Eight Global, which noted that “BTC price has lost the bottom support of our tentative channel and has since struggled to push back in.”“The 8EMA is cutting through the 34EMA from above, and they are currently both in sync with the channel bottom, which may add to the resistance here,” Eight Global wrote.
“Until proven otherwise, HTF [high time frame] longs could be kept open with first targets of around $26,500, and if the pattern continues, eventually $28,000 - $30,000.”Should the low of $21,370 be breached, “we could be looking at the A wave of an ABC type correction,” Eight Global warned.
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