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Bitcoin: BTC Correction May Not Be Over Yet (February 2020)
The price of Bitcoin declined sharply as we expected it to. It has now not only declined down to the 200-day moving average but it has also started another day below it. This has now increased the odds of further downside. At the moment, the outlook remains bearish. On the 12H time frame for BTC/USD, the price remains below the 200 EMA. As long as that is the case, we will continue to be bearish on the market. If we see a close above the 100-day moving average, the odds of a bullish reversal would improve. Barring that, we are looking at a decline down to $8.2k or lower.
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