P95G BTC Market Weekly Report — Week of 10/26/2020

BTC/USD hourly chart

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.

P95G:The management team consists of seasoned professionals who worked in the brokerage service industry, with a background ranging from equity and derivative trading to operations, asset management, and information technology. P95G provides services to financial institutions and individual investors in buying and selling cryptocurrencies, fiat currency (US dollar) and cryptocurrency transfers, and OTC (over-the-counter) trading in large amounts.

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