Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola By Cointelegraph

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Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola

Published Nov 15, 2020 09:45PM ET Updated Nov 15, 2020 11:20PM ET

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Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola

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Over the weekend numerous traders pointed out that Bitcoin (BTC) price broke its parabolic uptrend which had dated back to September. Technical analysts are bracing for a pullback as the dominant cryptocurrency eyes consolidation.

Bitcoin could still see a strong recovery after the weekly close if there is a continuation of the rally. But it would need to quickly re-enter the parabola or risk a potential downward correction.

Parabola on the 12-hour Bitcoin price chart. Source: TradingView, Altcoin Psycho

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Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola

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