Bitcoin Uptrend in Jeopardy as Two Extremely Bearish Fractals Flash

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Bitcoin prices fell to a near five-day low amidst rising cash demand. The cryptocurrency’s latest plunge has breathed life into two extremely bearish fractals. Both indicators see the price crashing inside the $5,300-5,700 area. Bitcoin’s price fell nearly 0.38 percent on Wednesday as investors continued to hunt for cash to cover losses in traditional assets primarily driven by a colossal crash in the US oil markets. The bitcoin-to-dollar exchange rate slipped to a new intraday low of $6,826, still maintaining support above key technical levels. BTC’s USD trading pair looked relatively stable while compared equities, however, raising its potential to hunt for gains above $7,000 despite breaking below the level on Monday in the wake of oil’s historic crash below $0. #OIL HIT ZERO BEFORE #BITCOIN! — Gabor Gurbacs (@gaborgurbacs) April 20, 2020 But bitcoin’s calmer response to global market turmoil did not deter it from confirming two critically bearish…

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