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looked quite likely to continue to rise and eventually test the pivotal point at $19,163. I thought that if the price broke above that level and we get a couple of consecutive higher hourly closes showing bullish momentum, the price would be likely to rise higher.
the resistance level which I had identified at $22,713 yesterday held right into yesterday’s CPI data release, which sent the US Dollar firmly higher and risky assets much lower, so we saw a sharp fall in the price. We also have key support levels below $20k. We now see the price failing to clear resistance close by at $20,532.
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