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26 October 2020

Crypto traders cautious on Bitcoin price as rally to $11.7K goes sour

Crypto traders cautious on Bitcoin price as rally to $11.7K goes sour

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If that region holds, technical analysts believe a significant price drop is unlikely.

Considering the array of positive events that buoyed the price of Bitcoin in recent weeks, a near-term pullback could be healthy.

Cryptocurrency traders and technical analysts are cautious in the short term, but not bearish enough to predict a clear top.

Morra also said the 0.705 Fibonacci resistance and the “R1 weekly pivot” make a drop to $11,100 more likely in the near term.

He said that he would likely add to his positions once an upward price movement becomes more probable.

The trader added: “Been reducing some on bounces — not too convinced after the two rejections on the two lines above price.

Although traders seemingly foresee a minor price drop in the short term, many analysts are refraining from anticipating a full-blown bearish rejection.

As previously reported, Wood said that “in technical terms,” there is little resistance between $13,000 and $20,000.

It remains unclear whether BTC can regain the momentum for a rally above $13,000 in the short term, leaving traders cautious in the near term but not strongly bearish.

There is a possibility that the optimistic fundamental and favorable macro factors could offset any technical weakness in the short term

In the medium term, the combination of positive on-chain data points and the uncertainty surrounding interest rates could continue to fuel Bitcoin, gold, and other safe-haven assets

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