P95G BTC Market Weekly Report — Week of 11/02/2020
The Bitcoin price was able to reach $14,000 as discussed last week, after breaking above the $13,358 resistance. The momentum has since decreased and the price is ranging between $13,600 and $13,900. Considering the $14,000 was a good level for taking profit, the next move can become critical as the U.S. is entering the presidential election week. A higher volatility in the price would be expected.
Given the upward momentum has slowed down, one should start paying attention to the current support level at $13,600. If the BTC price takes a sharp drop below the support line, which indicates more short-selling activities, there is a chance that it can go further down to $13,000. It is recommended not to make a move while the price is still trading within the current range.
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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