BTC analysis for November 16,.2020 – Breakout of the upside channel and potential for downside rotation towards $15.800

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BTC analysis for November 16,.2020 - Breakout of the upside channel and potential for downside rotation towards .800

BTC analysis for November 16,.2020 – Breakout of the upside channel and potential for downside rotation towards $15.800

Further Development

BTC analysis for November 16,.2020 - Breakout of the upside channel and potential for downside rotation towards .800

Analyzing the current trading chart of BTC, I found that there is the breakout of the rising trend channel in the background and potential for another downside cycle.

My advice is to watch for selling opportunities on the rallies with the downside targets at $15,800 and $14,860

Key Levels:

Resistance: $16,500

Support levels: $15,800 and $14,860

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/195467/