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27 October 2020

$17K Bitcoin price a real possibility if bulls flip $12K to support

$17K Bitcoin price a real possibility if bulls flip $12K to support

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This bullish breakout even caused the price to rally from $10,600 to $11,500, which is almost $1,000 in a few days.

A more decisive move to watch for would be a clear breakout of the current range-bound structure and this would occur if the price can push above $12,000.

Such a breakout seems unlikely to occur in the short term as Bitcoin’s price is approaching the resistance zone in one go.

As the chart shows, the previous resistance zone at $10,000 was tested for confirmation, and this is exactly what occurred.

The critical level to break for further bullish momentum is the $12,000 resistance zone.

In such a way, if the breakout above $12,000 happens, a bullish move towards $17,000 is very much on the horizon.

As discussed previously, a breakout above $12,000 would mean a big impulse wave to the upside and the potential continuation towards a new all-time high.

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