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Bitcoin attempts to regain upside momentum

28 Oct, 2020

Earlier today it was noted here that Bitcoin had fallen below support at 13,400. The move lower came following the earlier rise, to set a new two Year high at 13,857, nailing the earlier outlined target that had been touted here. The subsequent drop back below 13,400 was all about forced liquidation of long trades as the US equity markets tanked and risk flew out of the window. That led the price to fall back to as low as 12,890. That is drop of almost $1000 from the high seen in Asia much earlier today. The price has now steadied and is trying to build a base from which to climb again. As to whether or not that can happen tonight does rather depend on how the US equity markets fare into the close and right now all indices there are not doing a very good job of rebounding. Also 13,400 may provide a degree of resistance to any further rebound. Bitcoin is just now trading at 13,180

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