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24 October 2020

Bitcoin price must hold $11,000 for October rally to continue

Bitcoin price must hold $11,000 for October rally to continue

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But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors.

However, sustaining support at $11,000 is a must for the bullish case to hold weight, making a test of the upper range at $12,000 increasingly likely. .

However, as the $11,000-11,200 level is such an important support zone to hold, holding here would warrant a test of the range’s upper region, lined out in the upper chart, namely $11,800-11,900 and potentially even $12,100. .

Breaking $12K may see a massive bullish move that is likely to push up values across the entire crypto market. .

A test of the $265-285 billion areas seems likely in that sense, as that would sustain a further continuation of the range-bound structure

The most likely scenario would be more upside and a possible test of the $12,000 area after successfully holding the $11,000-11,200 region as support

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