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