P95G BTC Market Weekly Report — Week of 11/02/2020

BTC/USD hourly chart

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.

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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Point95 Global

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World’s Leading Digital Asset Management Company

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