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🇨🇳 Bitcoin Tips Hat To China 

Word On The Street: Bitcoin is positioned to benefit significantly from macroeconomic liquidity driven by both the United States and China.

The details:

• Bitcoin is primed to take advantage of an environment of increased liquidity and a risk-on sentiment, spurred by global central bank policies.

• Notably, China’s central bank, the People’s Bank of China (PBoC), recently announced a 50-basis-point (bps) reduction in reserve requirement ratios.

• This monetary easing, which follows the U.S. Federal Reserve and the European Central Bank (ECB), indicates that global monetary policy is shifting.

Why it matters: Bitcoin remained steady at around $63,000, with BTC/USD trading within a range of $62,000 to $65,000. These key levels represent areas of both buying and selling liquidity.

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Welcome, Traders!

Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Dogecoin Technical Analysis (Free)

• Chainlink Technical Analysis (Paid)

• Aptos Technical Analysis (Paid)

TRADERS CORNER
🐶 Dogecoin Technical Analysis

Dogecoin is trading at approximately $0.10767, slightly below the middle Bollinger Band (VWAP line), which is at $0.10791. This suggests the price is leaning toward bearish momentum as it struggles to stay above the middle band and is closer to the lower band.

Trend Analysis:

Dogecoin is currently in a downtrend, with lower highs and lower lows evident in the recent price action. The price recently attempted to break above the middle Bollinger Band but faced resistance and is now pulling back toward the lower band. This indicates that sellers are maintaining control, and buyers have not been able to sustain momentum. The red volume bars have increased during the recent decline, confirming the downward pressure.

The Bollinger Bands are slightly widening, suggesting increased volatility ahead, possibly with continued downside.

Support and Resistance:

- Resistance: The middle Bollinger Band at $0.10791 serves as the immediate resistance. If Dogecoin breaks above this level, the next resistance lies around the upper Bollinger Band at $0.10825, where sellers could step in again.

- Support: The nearest support level is the lower Bollinger Band at $0.10758. If Dogecoin fails to hold this support, it may drop further to test the psychological support at $0.10740.

Potential Scenarios:

Bullish: If buyers step in and Dogecoin manages to break back above the middle Bollinger Band at $0.10791, it could attempt to rally toward the upper band at $0.10825. A sustained move above this level, accompanied by rising volume, would support a potential reversal in the short term.

Bearish: If selling pressure continues and Dogecoin breaks below the lower Bollinger Band at $0.10758, it could trigger a move toward the next support at $0.10740. A break below this could accelerate the downtrend, with the price potentially testing even lower levels.

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