Blockchain Capital Partner: Now is a Very Good Time to Buy Bitcoin (BTC) Despite Bear Market

Over the past couple of weeks Bitcoin (BTC) has seen relatively positive trading action, surging from monthly lows of under $3,400 to highs of $4,000, from which it has only dropped slightly. Importantly, $4,000 has proven to be a strong level of resistance for Bitcoin, and analysts have mixed opinions on where the cryptocurrency is heading next.
Although in the short-term it is unclear which direction BTC is heading, Spencer Bogart, a partner at the venture capital firm Blockchain Capital, recently expressed a bullish sentiment while speaking to Bloomberg, importantly noting that he believes now is a great time to buy Bitcoin.
Bogart: Now is a “Very Good Time” to Buy Bitcoin (BTC) 
While speaking to Bloomberg Intelligence’s Emily Chang and Mike McGlone on “Bloomberg Technology,” Bogart expressed an overwhelmingly bullish sentiment over the long-term, importantly noting that although Bitcoin may not be ready to surge back towards its all-time-highs quite yet, the growing entrepreneurial activity and institutional interest makes now a good time to buy.
“Bitcoin never left, it’s always been here. So, is it back? It’s definitely back… are we ready to see new all-time-highs? Probably not yet. I still feel like there are still a few more regulatory shoes to drop, but for now the entrepreneurial activity and the institutional interest in the space has not seated with the price,” Bogart said.
His comments regarding Bitcoin and the cryptocurrency industry seeing increased adoption and internal growth that has not yet been reflected in the markets came about after Bloomberg’s Mike McGlone bearishly stated that BTC is still firmly in a bear market, and that it is still “way far away from a typical bottom you’d normally see.”
When responding to Chang’s question regarding if Bitcoin has hit bottom, Bogart said that he believes “now is a very good time to buy,” but further adding that he does not know if it has established a long-term bottom yet.
According to Spencer Bogart, now could be a great time to buy Bitcoin before its price catches up with its fundamental developments.
McGlone also responded to this question and bearishly noted that he believes Bitcoin and the crypto markets still have further to fall before they establish a firm long-term bottom.
Where Will Demand for Bitcoin Come From? 
In order for Bitcoin’s price to surge back towards its all-time-highs, it will have to garner a significant amount of demand. While speaking about where this demand will come from, Bogart said that he believes it will come from three main sources.
The first main source of demand will be the “passage of time.” Bogart believes that as time continues to drag on, Bitcoin gains a greater amount of trust and its efficiency and utility will become increasingly proven.
Bogart then said that the second “bucket of demand” will come from central banks and institutions that “value it as a non-sovereign digital asset with absolute scarcity.” The fact that Bitcoin does have absolute scarcity leads many to refer to it as a “digital gold” that may ultimately lead banks and institutions to purchase it as a hedge against traditional assets.
Bogart believes that the third source of demand will come from tech demand, specifically because Bitcoin is “programable money” with an open network that allows people to build on top of it.
Like many Bitcoin and cryptocurrency advocates, Bogart believes that as time goes on, the price of BTC will eventually catch up to the technical developments that have occurred behind the scenes despite the persisting bear market.
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Crypto Markets Continue Climbing as Bitcoin and XRP Transaction Volumes Surge

The crypto markets have continued to climb higher after seeing two days of large and widespread gains across nearly all major cryptocurrencies. Today’s price climb has led many investors and analysts to believe that the markets have already established a long-term bottom.
Despite there being a bullish sentiment that is currently spreading through most cryptocurrency communities, analysts are now pointing to the importance of transaction volumes as an indicator of where the markets are heading next.
Bitcoin and XRP See Sustained Rise in Transaction Volume
Although there may not be a fundamental reason behind the recent crypto market surge, one factor that may be contributing is an increasing amount of transaction volume that may have an impact on various cryptocurrencies prices.
Naeem Aslam, the chief market analyst at Think Markets U.K., recently told MarketWatch that he believes that Bitcoin will see increased fundamental strength in the coming months, which could help contribute to positive price action.
“The cryptocurrency king is on track to secure its first positive month since July 2018… With the wind of change blowing, the fundamentals are likely to improve in the coming months for the cryptocurrency space. The hopes are pinned on the improvement of the transaction volume for on-chain transactions. This will attract growth because of a larger number of industries becoming part of this infrastructure,” he said.
Mati Greenspan, the senior market analyst at eToro, shared a similar sentiment to Aslam, and also noted that Bitcoin’s recent price ascent occurred at the same time its transaction volume began to increase.
“We can see this period of low transaction rate in the purple rectangle below… The green line is $BTC,” Greenspan noted while referencing a chart that shows the volatility BTC saw during a period of low transaction volume.

We can see this period of low transaction rate in the purple rectangle below.
The green line is $BTC. pic.twitter.com/ksmdSfBHNp
— Mati Greenspan (@MatiGreenspan) February 19, 2019

Greenspan also noted that XRP has seen an influx of transactions in late-January after XRP’s transactions dropped off a cliff on December 11th, which is about the time that XRP fell back towards its 2018 lows in the mid-$0.20 region.
“Transactions in XRP went quiet from December 11th but came back with a vengeance on January 26th,” he said.
Crypto Markets May Not be Out of the Woods Yet
Although the recent market surge that has sent many cryptocurrencies up 10% or more is certainly positive for investors and traders alike, Greenspan warns that a tight correlation between major cryptos and Bitcoin could signal that bear market is not yet over.
“Despite recent optimism, crypto correlations remain strong… Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high… Yet another sign the [bear] market might not be over just yet,” he warned.

Despite recent optimism, crypto correlations remain strong.
Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high.
Yet another sign the market might not be over just yet.
Chart from @coinmetrics pic.twitter.com/ycdvA0dStb
— Mati Greenspan (@MatiGreenspan) February 19, 2019

At the time of writing virtually all major cryptocurrencies are trading up, with Ethereum, XRP, EOS, trading up 1.2%, 3.2%, and 5.1%, respectively.
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Could Bitcoin ETN’s Large Premium to BTC be a Sign of Institutional Buying?

Over the past year discussions of a Bitcoin ETF being approved by regulatory authorities in the US has dominated the news cycle and has even – on multiple occasions – impacted the markets. Many investors and analysts believe that the approval of a BTC ETF will lead to an influx of investors as it would place the cryptocurrency in front of all traditional equity investors.
Although the status and potential effect of a Bitcoin ETF remains unknown, there already exists and exchange-traded product that allows investors to add some exposure to Bitcoin’s price through the form of an Exchange Traded Note (ETN).
Bitcoin ETN Trades at Large Premium to BTC
The Grayscale Bitcoin Trust (GBTC) is a popular ETN that allows traditional investors to gain some exposure to the daily price movements of Bitcoin without actually owning the underlying asset.
Grayscale describes their product as “the first publicly quoted securities solely invested in and deriving value from the price of bitcoin” that allows investors to “gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins.”
Each share of GBTC trades at approximately 1/1000th of Bitcoin’s actual price and is currently trading at $4.82 per share. This means that GBTC is valuing one BTC at $4,820, which is significantly higher than Bitcoin’s current price of under $4,000.
Thomas Lee, the co-founder of Fundstrat Global, pointed out this premium in a recent tweet, hypothesizing that GBTC’s premium to BTC’s net asset value (NAV) is a sign of institutional buying, as purchasing GBTC is easier than purchasing BTC through a cryptocurrency exchange for traditional investors.
“CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000… Rise in premium is a sign of institutional net buying (easier to buy this ETN from @GrayscaleInvest than buy via a crypto exchange) … another sign 2019 way better than 2018 for crypto,” he explained.

CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000
Rise in premium is a sign of institutional net buying (easier to buy this ETN from ⁦@GrayscaleInvest⁩ than buy via a crypto exchange)…
…another sign 2019 way better than 2018 for crypto pic.twitter.com/hdFh8y3sY9
— Thomas Lee (@fundstrat) February 19, 2019

Although GBTC doesn’t entitle buyers to Bitcoin – the underlying asset it tracks – it does allow buyers to get in on some of its volatility in an easy to access fashion.
Is Growing GBTC NAV Premium Actually The Result of Institutional Buying?
On February 17th Bitcoin’s price surged after briefly dipping towards $3,600, and is now pushing up against $4,000, which has proven to be a level of resistance.
BTC’s price has surged over the past couple of days.
Historically, GBTC’s premium grows whenever BTC experiences price surges, and drops whenever Bitcoin’s price drops. With this being said, it appears that GBTC historically exaggerates Bitcoin’s sentiment shifts, which does not serve as strong support for Lee’s theory regarding the growing premium being the result of institutional buying.
Furthermore, Lee’s assessment of GBTC’s current NAV premium is exaggerated, as Bloomberg notes that GBTC’s current premium is just under 19%, while its average 52-week premium is nearly 40%.
Lee addressed this in response to a comment on his original post, noting that a 20% NAV premium does appear to be more accurate.

Hmmm. Actually more favorable
— Thomas Lee (@fundstrat) February 19, 2019

With that being said, although it is possible that institutions are trading the cryptocurrency via GBTC, there is little evidence of this and its current price premium is nothing extraordinary.
At the time of writing, GBTC is trading up nearly 15% from its opening price, while BTC is only trading up 1.5% over a 24-hour trading period.
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Bitcoin Price Skyrockets, But BTC Faces Growing Resistance Around $4,000

Bitcoin has been able to maintain its upwards momentum that it incurred a few days ago and BTC has now pushed up to $4,000. This upwards price move has been fueled by a surge in trading volume, but one analyst is now importantly noting that trading volume over high-time-frames must improve in order for an upwards price move to be sustained long-term.
Other analysts are also importantly noting that Bitcoin is now beginning to establish $4,000 as a level of resistance, which could prove to be a critical level that must be broken through in order for further gains to ensue.
Bitcoin (BTC) Continues Climbing, But Faces Resistance at $4,000
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $3,985. Bitcoin began its recent push on February 17th, when its price dipped to $3,600 before surging to its current price levels.
Following this move, BTC traded sideways for less than a day before continuing to climb until it hit approximately $4,000, which has proven to be a level of resistance.
Lucid TA, a popular cryptocurrency analyst, spoke about this resistance level in a recent tweet, noting that he believes BTC will rest around its current price levels before continuing climb.
“$BTC is hitting the first significant resistance since the breakout, I think we’re likely to rest a little while here.”

$BTC is hitting the first significant resistance since the breakout, I think we're likely to rest a little while here. pic.twitter.com/xa8O0Yn3mZ
— Lucid TA (@Lucid_TA) February 19, 2019

Hsaka, another popular analyst, shared a similar sentiment in a recent tweet, telling his followers that he will begin looking to short Bitcoin when its price reaches the low-$4,000 region.
“$BTC Not looking to short until the demarcated zone. Meanwhile, here’s an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters.”

$BTC
Not looking to short until the demarcated zone.
Meanwhile, here's an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters. pic.twitter.com/luYP1fgwS2
— Hsaka (@HsakaTrades) February 19, 2019

Because Bitcoin and the entire cryptocurrency markets are fresh off of a large price surge, it is likely that they will range sideways, or drop slightly, before garnering enough buying pressure to propel them higher.
Analyst: Bitcoin Trading Volume Must Increase in Order for Price to Surge Higher
One notable feature of this latest BTC price surge is that its 24-hour trading volume has climbed significantly, surging from weekly lows of under $6 billion to its current levels of roughly $10.5 billion.
Josh Rager – another popular analyst – explained that over a longer time frame, Bitcoin’s trading volume is down significantly and an inability to continue increasing may lead BTC’s price back down to its support levels in the low-$3,000 region.
“$BTC Chart: Bitcoin currently at resistance level with a break and close above $4100 is bullish… But… Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish. If the volume doesn’t pick up, I foresee $BTC price dropping back to support,” he explained.

$BTC Chart
Bitcoin currently at resistance level with a break and close above $4100 is bullish
But…
Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish
If the volume doesn't pick up, I foresee $BTC price dropping back to support pic.twitter.com/e5C18MEDTu
— Josh Rager (@Josh_Rager) February 19, 2019

As Bitcoin begins picking up steam and recovering much of its recent losses, analysts will likely gain further insight into whether or not this is a sustained movement, or if a drop back to its strong support level of $3,000 is inevitable.
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Bitcoin Surges Nearly 10%, Analyst Claims BTC Likely to Target Mid-$4,100 Region Next

Following an extended period of sideways trading for Bitcoin (BTC), it finally made a large upwards move and is now facing some levels of resistance around its current price. Bitcoin’s upwards swing today has allowed the entire cryptocurrency market to surge and represents the market’s second upwards price swing in the past couple of weeks.
Now, analysts believe that Bitcoin will continue its ascent until it reaches roughly $4,100, where it may find increased levels of resistance.
Bitcoin (BTC) Surges Towards $4,000
At the time of writing, Bitcoin is trading up over 8% at its current price of $3,930. Yesterday, BTC drifted towards $3,600 before surging to its current levels. In addition to its price climbing, Bitcoin’s daily trading volume has surged to its current levels of approximately $10 billion, up significantly from its weekly lows of just under $6 billion.
Luke Martin, a popular cryptocurrency analyst on Twitter, discussed BTC’s upwards price swing earlier today, noting that he is currently expecting $4,120 to be its next level of notable resistance.
“Next $BTC daily resistance that I’m targeting is the 4120 area. This is previous range resistance from the area we traded in for most of Dec-January,” Martin explained.

Next $BTC daily resistance that I'm targeting is the 4120 area. This is previous range resistance from the area we traded in for most of Dec-January. pic.twitter.com/SBfCyr2k5R
— Luke Martin (@VentureCoinist) February 18, 2019

Mr. Chief, another popular cryptocurrency analyst, shared a similarly bullish sentiment to Martin’s, noting that BTC holding above $3,900 for the rest of the day could lead it to “fly.”
“If BTC can close above 3900, it will fly. Currently at channel trend resistance. I expect it to cool off here in the short term.”

$BTC #bitcoin
If BTC can close above 3900, it will fly. Currently at channel trend resistance. I expect it to cool off here in the short term pic.twitter.com/MWHZ2W33tO
— Mr Chief (@HaloCrypto) February 18, 2019

Following the upwards move BTC experienced on February 8th, many analysts expected the cryptocurrency to form what is commonly referred to as a “Bart” formation, where Bitcoin – or any cryptocurrency – surges, trades sideways, and then goes right back down to its previous price levels.
Despite this, Bitcoin’s ability to climb after its previous surge may signal that is has found a long-term bottom in the low-$3,000 region.
Could the Bear Market Be Coming Towards an End? 
Although today’s upwards move is relatively small, and there still remains a long way before Bitcoin is even close to returning to its all-time-highs, its ability to hold the low-$3,000 region as a strong level of support is certainly positive from a technical perspective.
Mayne, another popular analyst, spoke about the possibility of the markets beginning to climb from here on out in a recent tweet, importantly noting that technical biases can change rapidly.
“We’ve had some bullish moves on $ETH, $BTC, and $alts over the last 2 weeks… Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”

We've had some bullish moves on $ETH, $BTC, and $alts over the last 2 weeks.
Is the bear market over? Maybe, the fact of the matter is we are going up
Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out
— Mayne (@Tradermayne) February 17, 2019

If the markets continue to climb over the coming week, traders and investors alike may gain greater insight into whether or not the low-$3,000 level is truly a long-term bottom.
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Crypto Markets Experience Mixed Trading Session, Analysts Expect Ethereum and Litecoin to Drop in Near-Future

The crypto markets have continued to gradually drift lower following last Friday’s market surge. Most cryptocurrencies have dropped today, with Ethereum trading down marginally, and XRP dropping nearly 2% due to concerns regarding the newly announced JP Morgan crypto (JPM Coin) possibly being a competitor.
Many analysts now expect major cryptocurrencies, including Litecoin and Ethereum, to see increased selling pressure in the near-term as these cryptocurrencies fail to break above their respective resistance levels.
Ethereum and Litecoin May Soon See Further Losses
At the time of writing, Ethereum is trading down marginally at its current price of $122. Although ETH is apparently stable at this price level, analysts are quick to point out that the cryptocurrency is currently sitting at the bottom of its flag formation, which may signal that a drop is imminent.
Chonis Trading, a popular cryptocurrency analyst, pointed this out in a recent tweet, noting that ETH is currently on the “edge of breaking down.”

$ETH – flag on the edge of breaking down … pic.twitter.com/SUSw6GTkMb
— Chonis Trading (@BigChonis) February 15, 2019

Litecoin is also facing growing resistance that it is struggling to break through, but it has been able to climb slightly today to its current price of $42.40.
Chonis Trading also discussed LTC in a recent tweet, noting that its price is currently struggling to break above the top of a descending triangle pattern that it is currently trading in.
“$LTC – That feeling when you play the #litecoin resistance line breakout, and the line ends up holding on the 1hr chart…”

$LTC – That feeling when you play the #litecoin resistance line breakout, and the line ends up holding on the 1hr chart… pic.twitter.com/UDx3CFKbLN
— Chonis Trading (@BigChonis) February 15, 2019

Hsaka, another popular cryptocurrency analyst on Twitter, also shared his thoughts on Litecoin, and said that where its price heads in the near-term is likely dependent on how Bitcoin’s price ultimately responds to its extended period of sideways trading.
“$LTC Update: Covered… Tested resistance twice and finally broke past it… $BTC seems to have coiled up pretty tightly to make a move now, don’t want to get caught on the wrong side… Booking profits,” he explained.

$LTC Update
Covered.
Tested resistance twice and finally broke past it.$BTC seems to have coiled up pretty tightly to make a move now, don't want to get caught on the wrong side. Booking profits. pic.twitter.com/LQNdZULxay
— Hsaka (@HsakaTrades) February 15, 2019

Crypto Markets Experience Mixed Trading Session
The overall cryptocurrency markets are currently trading mixed, despite Bitcoin’s apparent stability at its current price levels of $3,620.
At the time of writing, XRP is trading down nearly 2% at its current price of $0.30. XRP dropped slightly after news broke yesterday that JP Morgan would be releasing a cryptocurrency – aptly dubbed JPM Coin – that would operate in a similar fashion to Ripple’s XRP.
After dropping yesterday, TRON has climbed nearly 3% to its current price of $0.024.
Binance Coin (BNB) is one of today’s best performing cryptocurrencies, as it is currently trading up over 5% at $9.20. Yesterday, BNB dropped to lows of $8.50, which proved to be a level of strong support that helped spark today’s price surge.
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Bitcoin (BTC) Stable Above $3,600, But Analysts Warn That Further Losses are Likely

Bitcoin has continued to express stability around its current price levels in the low-$3,600 region. Despite being stable currently, BTC has not been able to garner any buying pressure at its current prices, which may signal technical weakness.
Now, analysts are claiming that Bitcoin may see further losses in the near-term, as its price has not yet seen any surge that would signal that it was previously oversold.
Bitcoin Fails to Find Buying Pressure at Current Price Levels 
At the time of writing, Bitcoin is trading down nominally at its current price of $3,625. BTC has been stuck around this price for several days now and has failed on multiple occasions to move any higher.
Although last Friday’s price surge led many traders and analysts to believe that BTC was oversold in the low-$3,000 region, one analyst is now claiming that its inability to continue climbing signals that it was not, in fact, oversold at $3,400, and may continue to drop in the near future.
“Bitcoin continues bouncing around in the upper $3K range. But we saw this same behavior at $9K support, $8K support, $7K, $6K, $5K and $4K. By now the pattern is pretty obvious. Investments that are oversold bounce quickly and sharply from those grossly unjustified levels. The lack of a decisive bounce tells us that bitcoin is not grossly oversold yet. That means lower prices are still ahead of us,” explained Jani Ziedins of the Cracked Market blog while speaking to MarketWatch.
Bitcoin Support Getting Increasingly Weak as it Continues Ranging
Over the past few days, Bitcoin has been caught in a narrowing trading range between $3,550 and $3,630, which has led to a bout of choppy trading within this small trading range.
Analysts seem to concur that Bitcoin will see further losses before finding a region of strong support.
In a recent tweet from Hsaka, a popular cryptocurrency trader on Twitter, he noted that as of now he is cautiously bearish on Bitcoin despite its current involatility.
“$BTC…Haven’t the slightest as to which way this expands… A right proper stalemate as of now, wicks on both sides without any follow through of either… If I was hard-pressed, I’d say I’m leaning towards more downside,” he explained.

$BTC
Haven't the slightest as to which way this expands.
A right proper stalemate as of now, wicks on both sides without any follow through of either.
If I was hard-pressed, I'd say I'm leaning towards more downside.
Currently short LTC. pic.twitter.com/3BKbK30ljl
— Hsaka (@HsakaTrades) February 15, 2019

Hsaka isn’t the only popular cryptocurrency analyst on Twitter who is currently bearish on Bitcoin. TraderArjun recently told his followers that he also expects Bitcoin to break downwards in the near-future, with a downside target currently set in the low-$2,000 region.
“$BTC Watching the price action since we got into this range, this is the probable continuation scenario going forward imo. Would love to hear a technical counter argument for an opposing view to challenge this bias…”

$BTC Watching the price action since we got into this range, this is the probable continuation scenario going forward imo. Would love to hear a technical counter argument for an opposing view to challenge this bias. Emotional responses will be met with a straight block. pic.twitter.com/Gv2CxeW91w
— TraderArjun (@arjunkkohli) February 15, 2019

As the cryptocurrency markets enter the weekend, it is unclear as to whether or not they will see increased volatility resulting from lower-than-average trading volume, or if they will continue to trade sideways.
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Crypto Markets Trade Down as Bitcoin (BTC) Short Positions Plunge

Since the crypto markets witnessed a large price swing last Friday, they have been gradually drifting downwards, with Bitcoin (BTC) expressing some levels of stability in the low-$3,600 region. This stability may not last long however, as BTC short positions are rapidly dropping while long positions climb, which may signal that bulls are getting overly confident.
Most cryptos have dropped slightly today, with EOS and TRON being the worst performing major cryptocurrencies, dropping 3.5% and 2.5% respectively.
Bitcoin (BTC) Short Positions Plummet as Crypto Markets Drop
At the time of writing, Bitcoin is trading down slightly at its current price of $3,620. Last Friday, the cryptocurrency surged from $3,400 to highs of $3,700. Although this price surge was certainly positive for investors, BTC has not been able to garner a significant amount of buying pressure at its current price levels.
Despite this fact, there is an interesting trend that is currently occurring, where open short positions against BTC are plummeting as long positions begin to climb.
Lucid TA, a popular cryptocurrency trader on Twitter, recently spoke about this trend, concluding that it is “concerning.”
“Current movement in longs/shorts is concerning. Mass exodus from short positions while longs continue to climb… $BTC,” Lucid noted.

Current movement in longs/shorts is concerning. Mass exodus from short positions while longs continue to climb… $BTC pic.twitter.com/eG9rb5uLTg
— Lucid TA (@Lucid_TA) February 14, 2019

Many traders and analysts view long and short positions as contrarian indicators, which may signal that Bitcoin will soon see a drop.
Another important thing to consider is that Bitcoin is currently facing strong resistance at its 50-day Moving Average, which currently exists around $3,630.
Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about the importance of this resistance level, noting that it has been a level of resistance ever since Bitcoin dropped in January.
“$BTC – The MA50 holds firm resistance after several reattempts to break above after failing to hold support in January. The blue line MA100 rapidly falling through $4k and has also resisted #bitcoin daily candle close since early September…”

$BTC – The MA50 holds firm resistance after several reattempts to break above after failing to hold support in January. The blue line MA100 rapidly falling through $4k and has also resisted #bitcoin daily candle close since early September… pic.twitter.com/ZfXi1zAKyl
— Chonis Trading (@BigChonis) February 14, 2019

Most Cryptocurrencies Drop Today, but Analyst Claims Ethereum Classic (ETC) May be Bullish
Although Bitcoin has been stable, most major cryptocurrencies are trading down today.
At the time of writing, Ethereum is trading down marginally at its current price of $122. Ethereum has been able to maintain most of its recent gains and is only down slightly from its weekly highs of $124.
EOS and TRON have both dropped significantly today and are both trading down 3.5% and 2.5% respectively.
Ethereum Classic (ETC), is trading flat today, but Ezbrah, a cryptocurrency analyst on Twitter, recently noted that ETC may soon see a price surge towards $4.8, which is significantly higher than its current price of $4.13.
“$ETC… hard to justify being bearish on etc right now,” he concisely stated.

$ETC
Even hard to justify being bearish on etc right now lol pic.twitter.com/T0U6kYdNJR
— ezbrah (@ezbrahBTC) February 14, 2019

NEM is one of the few cryptocurrencies that is trading up by a sizeable amount today, as it is currently trading up over 4% at its current price of $0.043. NEM is up significantly from its weekly lows of $0.0368.
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Analysts Claim That Ethereum and Litecoin Are Currently Bearish Despite Recent Gains

Following last week’s incredibly positive price action in the crypto markets, Bitcoin and most major cryptocurrencies have been able to maintain a large majority of their recent price gains. At the time, this positive price action allowed Litecoin to skyrocket over 30% and Ethereum to surge well over 10%.
Despite this, both Litecoin and Ethereum may soon see increased selling pressure, as multiple analysts view these cryptocurrencies as bearish for the time being.
Analysts Claim Ethereum Likely to Drop Towards $114 in Near Future 
At the time of writing, Ethereum is trading up just under 1% at its current price of $122 and is up significantly from its weekly lows of $103.
Although Ethereum is expressing stability at its current price levels, it has tried to break above $124 on multiple occasions since pumping late-last week, signaling that this price will likely prove to be a level of relative resistance for the cryptocurrency.
The Cryptomist, a popular cryptocurrency analyst on Twitter, recently shared her thoughts on Ethereum’s current price action, noting that ETH is likely to drop towards $114 before seeing further price gains at a later time.
“$ETH… 130 target hit… Short term fall coming; rising wedge and bearish div… First target $114… Still believe we can see $150 region at a later time,” she explained.

$ETH
130 target hitShort term fall coming; rising wedge and bearish divFirst target $114
Still believe we can see $150 region at a later time pic.twitter.com/AbecEk2Qp2
— The Cryptomist (@TheCryptomist) February 13, 2019

Other cryptocurrency analysts share a similarly bearish sentiment on ETH, with GeorgeCrypto, another popular analyst on Twitter, noting that he is going short on Ethereum after it hit its range high in the mid-to-upper $120 region.
“$ETH | Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next. Will update,” he said.

$ETH | Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next. Will update. pic.twitter.com/WHQ89mrxiy
— GeorgeCrypto (@George1Crypto) February 13, 2019

Litecoin Sees Increased Selling Pressure as Crypto Markets Trade Mixed
At the time of writing, Litecoin (LTC) is trading down nearly 4% at its current price of under $42. Last Friday, Litecoin led the market surge and climbed over 30% from lows of $32 to highs of $47.
It now appears that Litecoin has been unable to garner a significant amount of buying pressure at its current price levels, as it has been gradually drifting lower ever since it first reached weekly highs of $47 this past Sunday.
Hsaka, a popular cryptocurrency analyst, shared his thoughts on LTC in a recent tweet, claiming that Litecoin is bearish below roughly 0.0117 BTC, which is slightly above its current price of 0.0115 BTC.
“$LTC… Where did all the ‘LTC is the market leader’ posts go? Currently short from 1206, bearish below the red levels.”

$LTC
Where did all the "LTC is the market leader" posts go?
Currently short from 1206, bearish below the red levels. pic.twitter.com/3mMha86BRF
— Hsaka (@HsakaTrades) February 13, 2019

Although Litecoin has witnessed a sizable drop today, most cryptocurrencies are trading up or down marginally, with XRP trading up 0.3% at its current price of $0.30, EOS trading down 1.4% at $2.87, and Bitcoin Cash trading up 0.2% at $122.78.
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Bitcoin (BTC) Holds Above Support at $3,550, May Soon See Increased Bullish Momentum

Since Bitcoin (BTC) made its large upwards swing last Friday, it has been able to hold steady above its support level at $3,550, bouncing back into the $3,600 range each time this price level is touched. Importantly, its ability to hold above this price level signals that the cryptocurrency’s bulls are not yet ready to surrender its recent gains to the bears.
Now, multiple analysts concur that Bitcoin could soon see increased bullish momentum if it is able to continue holding decisively over its key support levels.
Bitcoin Stable Above $3,600, Could Soon Surge Higher
At the time of writing, Bitcoin is trading down marginally at its current price of $3,630. Bitcoin has only dipped into the upper $3,500 region on a few occasions, and each time formed long downwards wicks, which signals that relatively large buying pressure exists in this region.
Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about BTC’s ability to hold above this price level in a recent tweet, further adding that the cryptocurrency’s stability has allowed other cryptos to make bigger price moves.
“$BTC – lower bb support has shown strong after several attempts to close below as the 4hr bb’s tighten up, still wide on higher time frames… $3550’s has been tested 3 times in the past day and held… #bitcoin ranging alowing [sic] alts bigger % moves,” Chonis explained.

$BTC – lower bb support has shown strong after several attempts to close below as the 4hr bb’s tighten up, still wide on higher time frames … $3550’s has been tested 3 times in the past day and held…#bitcoin ranging alowing alts bigger % moves… pic.twitter.com/74yPZQ7h9s
— Chonis Trading (@BigChonis) February 13, 2019

UB, another popular cryptocurrency trader on Twitter, shared his thoughts on Bitcoin yesterday evening, noting that he is waiting for its price to dip to the mid-$3,400 range before entering into any long positions.
“$BTC 1D – Three days of lows taken after today’s close… In typical BTC fashion, I wouldn’t be surprised if it wicked to either of the ‘X’ on the chart before another leg down… I’m still interested in entering into a long position if $3480 – $3430 holds as support.”

$BTC 1D – Three days of lows taken after today's close.
In typical BTC fashion, I wouldn't be surprised if it wicked to either of the "X" on the chart before another leg down.
I'm still interested in entering into a long position if $3480 – $3430 holds as support. #Bitcoin pic.twitter.com/qIPT4kqRS1
— UB (@CryptoUB) February 13, 2019

Analyst: Drop Below Support Could Send BTC to Below $3,000 
Although Bitcoin’s ability to hold above $3,550 is positive for the cryptocurrency, analysts also note that BTC may dip into the $2,000 region if its price is unable to hold above key support levels.
Bitcoin has held above its key support levels so far, but a break below them could sent its price below $3,000.
While speaking to MarketWatch, Nick Cawley, an analyst at Daily FX, explained that BTC is currently trading between its 20-day and 50-day moving averages, which exist at $3,500 and $3,630 respectively. Cawley explained that a break below BTC’s support level, which currently exists at or around the 20-day moving average, could lead to a drop below $3,000.
“Bitcoin continues to trade in a range with little fundamental news to drive prices action… The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long way below the 200-day MA. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790,” Cawley explained.
Although Bitcoin is presently trading flat, throughout recent history long periods of sideways trading have been proceeded by large price swings. BTC’s technical formations and strength despite this bout of involatile trading will give analysts and traders alike greater insight into how likely BTC forming another upwards leg is.
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Litecoin Led Last Week’s Crypto Market Surge, Will LTC Lead This Week’s Drop?

Last Friday the crypto markets experienced an incredibly positive trading session that led Bitcoin, and many other cryptocurrencies, to surge 10% or more. This market move was led by Litecoin (LTC), which surged over 30% to erase several weeks of losses.
Although Litecoin was the best performing crypto last week, it has led today’s market drop, and if it is unable to garner a significant amount of buying pressure in the near-term, it could lead the entire crypto markets to drop as the week goes on.
Litecoin Drops 8%, Still Up Significantly from Weekly Lows
At the time of writing, Litecoin (LTC) is trading down nearly 8% at its current price of $42.90. On Sunday, LTC began climbing and reached highs of $47 before swiftly being rejected at this price and falling down towards its current price levels. It is likely that in the near-term $47 will be a level of relative resistance for LTC.
Last Friday, Litecoin skyrocketed from lows of $33 to highs of over $45, a major price move that led the entire crypto markets to follow suit and climb as well. Today’s drop, however, brings up an obvious question regarding whether or not LTC’s current drop will cause the entire crypto markets to begin dropping as well.
Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, noting that LTC’s latest pullback could give insight into where the entire crypto markets are heading next. He further added that if Litecoin is able to maintain its upwards momentum and climb higher, a large correction will likely follow.
“$LTC – one of the strongest #alts charts has been leading the way. Could also show the way on the pullback as well. If #litecoin has the strength to grow higher a more notable correction would be needed,” Chonis explained.

$LTC – one of the strongest #alts charts has been leading the way. Could also show the way on the pullback as well. If #litecoin has the strength to grow higher a more notable correction would be needed. pic.twitter.com/m2ZktputNX
— Chonis Trading (@BigChonis) February 11, 2019

Entire Crypto Markets Drop, Ethereum Climbs Slightly
Although it is currently unclear as to whether the notion of Litecoin leading the crypto markets has any merit, most cryptocurrencies have dropped slightly today, with Ethereum being an exception.
Most cryptocurrencies have dropped slightly today, with Ethereum being one of the few exceptions.
At the time of writing, Ethereum (ETH) is trading up over 2% at its current price of $121.5. Yesterday, Ethereum surged from $118 to $125 before quickly falling to its current price levels. ETH is trading up significantly from its weekly lows of $103 and has treated the low-$100 region as a strong level of support.
Gat, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the ETH/BTC trading pair currently has some significant similarities to that of LTC/BTC’s prior to last week’s surge, which could mean that Ethereum is gearing up for a move up to the $200 region.
“If $ETH BTC pair were to act like $LTC, this is my opinion and it would put us around 200-240 USD depending on $BTC price movement,” Gat explained.

If $ETH BTC pair were to act like $LTC, this is my opinion and it would put us around 200-240 USD depending on $BTC price movement. pic.twitter.com/Ieso2QdvKT
— Gat (@TheGemClub) February 10, 2019

The validity of this theory hinges on market stability, as any large BTC price moves will make it very difficult for any other cryptocurrencies to break the market trend and move individually.
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Analysts Expect Bitcoin (BTC) to Climb Higher Before Hitting Resistance and Dropping

Following the crypto market’s quiet weekend trading session, most cryptocurrencies have continued to trade flat, and have thus far maintained nearly all of their recent price gains that were incurred during Friday’s market surge. Bitcoin (BTC) has found stability in the mid-$3,600 region and appears to be forming $3,700 as a level of resistance.
Multiple analysts now expect Bitcoin to form another upwards leg before hitting a strong resistance level, which is unlikely to be swiftly broken above unless the cryptocurrency’s bulls garner a significant amount of buying pressure.
Bitcoin Stable Around $3,650, Analysts Bearish on Larger Time Frames
At the time of writing, Bitcoin is trading down marginally at its current price of $3,645. Over the weekend, BTC rose to highs of nearly $3,700 before swiftly being pushed down towards its current price levels. This signals that $3,700 may be a level of relative resistance for the cryptocurrency in the short-term.
In a recent tweet from Mayne, a popular cryptocurrency analyst, he explained that he is still bearish on BTC over high time frames despite Friday’s upwards surge that sent it from lows of $3,400 to highs of $3,700.
“$BTC…I’m still leaning bearish on the HTF… I think if we make another leg up we top out in the grey zone… If we make a higher high, great, I’ll be bullish. Don’t let your ego or some neckbeard on CT yelling “REKT” stop you from moving with price… Just focus on the chart,” he explained.

$BTC
I'm still leaning bearish on the HTF.
I think if we make another leg up we top out in the grey zone.
If we make a higher high, great, I'll be bullish. Don't let your ego or some neckbeard on CT yelling "REKT" stop you from moving with price.
Just focus on the chart. pic.twitter.com/YhfpN9HSwb
— Mayne (@Tradermayne) February 11, 2019

Nigel Green, the CEO of the UK-based deVere Group, recently shared a similar sentiment to Mayne while speaking to MarketWatch, noting that Bitcoin has still yet to break above its strong resistance level at $4,000.
“It was a relatively sudden jump, and, of course, positive news for those holding bitcoin. However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet,” Green explained.
Although the market’s recent price climb was certainly positive for investors, analysts are still leaning bearish on BTC.
Analyst: Bitcoin Likely to Drop After Climbing Higher
In line with the aforementioned analyst’s bearish assessment of Bitcoin, DonAlt, another popular cryptocurrency trader on Twitter, recently spoke about where he sees Bitcoin heading in the near future, noting that he expects BTC to climb above its previous high in the mid-$3,700 range before dropping further.
“$BTC daily update: Stopped dead in its tracks… I think for a dump to happen we need to take out the previous high first… If that happens and we get a high momentum dump into the breakout I’ll be shorting to the green line… If we break upwards I’ll long the S/R flip at red.”

$BTC daily update:
Stopped dead in its tracks.I think for a dump to happen we need to take out the previous high first.If that happens and we get a high momentum dump into the breakout I'll be shorting to the green line.If we break upwards I'll long the S/R flip at red. pic.twitter.com/FwkVKB1ZZc
— DonAlt (@CryptoDonAlt) February 10, 2019

As the week continues on it is likely that the market’s volatility will gradually begin to increase, which will give investors and traders alike greater insight into which direction the markets are heading next.
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Analyst Claims That Bitcoin (BTC) Could Surge to $5,000 in Coming Weeks

Following the positive volatility the markets experienced on Friday, Bitcoin (BTC) has been able to find stability in the $3,600 region, signaling that bulls are not ready to surrender the cryptocurrency’s recent price gains.
Now, one analyst is claiming that Bitcoin may surge as high as $5,000 in the coming weeks, as the cryptocurrency begins to develop more bullish technical formations.
Analyst: Bitcoin May Soon Surge to $5,000
At the time of writing, Bitcoin is trading down nominally at its current price of $3,650. On Friday, Bitcoin surged from lows of $3,400 to highs of $3,700, before settling slightly to its current prices.
As of late, BTC has been experiencing volatility on the weekends, which have typically set the tone for the proceeding week. Despite this, this weekend has been one of Bitcoin’s least volatile weekends in a while, which could signal that BTC has found stability at its current price levels.
Although at the time the markets are quiet, Mitoshi Kaku, a popular cryptocurrency trader on Twitter, said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days.
“I wouldn’t be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action,” he explained.

I wouldn't be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action. $BTC pic.twitter.com/Usdpub8LNj
— Mitoshi Kaku (@CryptoSays) February 9, 2019

Despite this, UB, another popular cryptocurrency analyst on Twitter, explained that he is waiting for Bitcoin to fall lower before entering any long positions, with a target purchase price set around BTC’s range low in the low-$3,500 region.
“$BTC – I’ve been flat since my short was stopped out the other day… I’m waiting to see the reaction around the Range Low before deciding my next move… Looking for longs as long as the 1D S & R holds as support (3440 – 3410),” he said.

$BTC – I've been flat since my short was stopped out the other day.
I'm waiting to see the reaction around the Range Low before deciding my next move.
Looking for longs as long as the 1D S & R holds as support (3440 – 3410).#Bitcoin pic.twitter.com/3V4lqWUm8R
— UB (@CryptoUB) February 10, 2019

Bitcoin Price Surge May Be Fueled by Bullish Weekly Candle
As BTC wraps up a relatively quiet weekend and forms a fresh weekly candle, one analyst believes that this could help fuel an upwards move in the week ahead.
Nik Patel, a popular cryptocurrency trader on Twitter, pointed out that Bitcoin forming a bullish weekly candle could lead to a move as high as $6,000, which concurs with Mitoshi Kaku’s aforementioned price prediction.
“We haven’t seen a higher-high on the Weekly in well over a year. This would be lovely,” Patel noted.

We haven't seen a higher-high on the Weekly in well over a year. This would be lovely…$BTC pic.twitter.com/xKPj80Y5h5
— Nik Patel (@cointradernik) February 10, 2019

How Bitcoin finishes the day will likely set the tone for how positive the week ahead is for the cryptocurrency.
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Analysts Expect Crypto Markets to Continue Climbing After Yesterday’s Surge

Yesterday was an incredibly positive day for the crypto markets, as many cryptocurrencies were able to erase several weeks of losses in a matter of mere hours. Litecoin led yesterday’s surge and was able to skyrocket 30%, which led LTC to claim the fourth most valuable spot by market capitalization.
Because the markets have been able to maintain nearly all of their recent gains thus far, analysts now expect the markets to maintain their upwards momentum in the week ahead.
Crypto Markets Trade Flat Following Recent Pump 
At the time of writing, most major cryptocurrencies are trading up or down marginally, with Ethereum and XRP trading down 0.2% and 1.4% respectively, while Litecoin has climbed 1.7% to its current price of $43.60.
Litecoin was the leader of yesterday’s crypto market surge, as it skyrocketed from lows of $33 to highs of $43, from which it has only dropped slightly.
As reported by NewsBTC yesterday, analysts had expected LTC to face resistance around $43, which has proved to be a difficult price point for the cryptocurrency to break decisively above.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained to his followers that he was selling his Litecoin at $43, and waiting for further price action to develop before entering any new positions.
“But volume is really quite lacking on this move and a 50% retracement of a falling wedge is already a lot to to [sic] ask for… For now, I’m not looking for longs until further price action. Selling my $LTC here at $43,” he noted.

MUCH nicer. But volume is really quite lacking on this move and a 50% retracement of a falling wedge is already a lot to to ask for.
For now, I'm not looking for longs until further price action. Selling my $LTC here at $43. pic.twitter.com/oLQyRhcSez
— The Crypto Dog (@TheCryptoDog) February 8, 2019

Today, another popular cryptocurrency analyst on Twitter – Mitoshi Kaku – explained that he was entering a short position in LTC following its recent pump, which may signal that the cryptocurrency needs to drop further before continuing its bullish move upwards.

Let it roll now! $LTC pic.twitter.com/PORM6j5ZTU
— Mitoshi Kaku (@CryptoSays) February 9, 2019

Crypto Markets Likely to Continue Moving Upwards
Although the markets have slowed their upwards ascent today, analysts still expect them to continue climbing higher in the near future.
Instinct, a popular cryptocurrency analyst on Twitter, noted that he would start aggressively buying each dip for Bitcoin, Ethereum, and Litecoin, over the next few days, with the intention of selling them at higher prices in a relatively short-time frame.
“Most large caps made decisive S/R flips today on high volume. I’ll be in aggressive dip buying mode for the next few days expecting more expansion upwards… Areas in green I’ll be buying, areas in red I want to sell… $LTC $ETH $BTC,” Instinct explained.

Most large caps made decisive S/R flips today on high volume. I'll be in aggressive dip buying mode for the next few days expecting more expansion upwards.
Areas in green I'll be buying, areas in red I want to sell. $LTC $ETH $BTC pic.twitter.com/K0iEq3hGZA
— Instinct (@instinctxbt) February 9, 2019

How the markets trade throughout the weekend will likely give traders greater insight into whether or not bulls will be able to sustain the upwards trend that was sparked by yesterday’s rally.
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Bitcoin (BTC) Holds Steady Above $3,600, May Still Have Fuel to Move Higher in Near Future

Bitcoin (BTC) has held steady above $3,600 after yesterday’s upwards surge that sent it climbing from lows of $3,400 to highs of $3,700. Although often times these upwards price movements are typically followed by a cool-off period that results in Bitcoin surrendering a portion of its gains, BTC has held steady at its current price levels.
Now, analysts claim that Bitcoin may still have further room to climb, as many technical indicators are beginning to turn bullish following yesterday’s price surge.
Bitcoin (BTC) Stable Above $3,600
At the time of writing, Bitcoin is trading up less than 1% at its current price of $3,650. Over a one-week period, BTC is trading up from its weekly lows of $3,400, which has proven to be a relatively strong level of support for the cryptocurrency.
Yesterday’s price movement allowed Bitcoin to break above its previously established resistance level of $3,500, and it is likely that the cryptocurrency will beginning establishing a new trading range in the near-future.
Chonis Trading, a popular cryptocurrency analyst on Twitter, recently explained that it is important for Bitcoin to finish the week above $3,550, which would bullishly engulf last week’s candle and potentially signal that BTC has more room to climb.
“$BTC – still a couple days left in the weekly #bitcoin chart…Ideal close with this weekly candle is above the $3550 area which would bullishly engulf last weeks candle and maintain a decent tweezer bottoming candle combo… Note current resistance coincides with Sept 2017 zone,” he explained.

$BTC – still a couple days left in the weekly #bitcoin chart…Ideal close with this weekly candle is above the $3550 area which would bullishly engulf last weeks candle and maintain a decent tweezer bottoming candle combo… Note current resistance coincides with Sept 2017 zone. pic.twitter.com/nPfn8QNREC
— Chonis Trading (@BigChonis) February 8, 2019

Because Bitcoin has found stability above $3,650, unless there is a sudden influx of selling pressure it is likely that it will be able to sustain above $3,550 throughout the weekend.
Bitcoin Technical Indicators Signal That BTC May Continue Climbing in Near-Future
Although it is clear that BTC must defend its recent gains over the weekend in order for its bullish momentum to be maintained, multiple technical indicators are now signaling that Bitcoin likely has further to climb before losing its upwards momentum.
Bitcoin (BTC) may have further gains ahead of it.
In a recent tweet from popular cryptocurrency analyst Bleeding Crypto, they noted that in addition to February being a historically bullish month for the cryptocurrency, it is also coming close to breaking above its nine-week Exponential Moving Average (EMA).
“$BTC Update: I really like the way things are looking at the moment on the weekly Time frame… Closest we have been to the 9EMA in 8 weeks (But still under)… Its under value ATM (VPRV)… MACD turning bullish… February historically has performed very well. (40%-96% past 4 year),” Bleeding Crypto explained.

$BTC Update: I really like the way things are looking at the moment on the weekly Time frame.
Closest we have been to the 9EMA in 8 weeks (But still under)
Its under value ATM (VPRV)
MACD turning bullish
February historically has performed very well. (40%-96% past 4 year) pic.twitter.com/yKH8Pnm3lb
— Bleeding Crypto (@Bleeding_Crypto) February 9, 2019

How Bitcoin finishes the weekend will give traders and investors alike significantly more insight into where the cryptocurrency will head in the week ahead.
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