P95G BTC Market Weekly Report — Week of 11/16/2020

BTC/USD hourly chart

The Bitcoin extended its gain last week and reached $16,481, a level that was last seen in January 2018. The price had retraced to around $16,000. The hourly chart indicates that the price has formed lower highs with a support at $15,830.

With lower momentum and volatility, look for big movement that may drive the price above the previous high at $16,481. In order to keep the current bullish trend, the BTC price must stay above the current support and break the upper Keltner channel at $16,200. For traders with long positions, they need to watch for any big drop below $15,500, as the price may further retrace to $15,000 before picking up.

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

Point95 Global

World’s Leading Digital Asset Management Company

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