P95G BTC Market Weekly Report — Week of 10/26/2020
The Bitcoin price was able to break the $11,600 resistance early last week and continued its strong rally. It reached $13,358 at the peak and settled at around $13,000. The Bitcoin has not traded at this high level since Jun 2019. It has formed a flag and pennant pattern and the price could potentially reach $14,000 in a subsequent rally if the conditions are met.
The current support is at $12,800. If the BTC manages to stay above the lower Keltner band and breaks above the previous high at $13,358, consider taking a profit at around $14,000. A drop below the support could indicate more profit-taking and an end of the rally.
Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.
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