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FX.co ★ BTC analysis for October 16,.2020 -Contraction on the BTC. Watch for the breakout the 4 day balance to confirm further direction

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Forex Analysis:::2020-10-16

BTC analysis for October 16,.2020 -Contraction on the BTC. Watch for the breakout the 4 day balance to confirm further direction

Further Development

analytics5f8989dc68e73.jpg

Analyzing the current trading chart of BTC, I found that there is consolidation process and that waiting for the breakout would be best advice.

The breakout of resistance at $11,700 can confirm test of $12,000 and $12,460

The breakout of support at $11,180 can confirm downside movement and potential test of $10,530 and $10,230.

Watch for the breakout to confirm further direction

Key Levels:

Resistance: $11,700

Support level: $11,180

Petar Jacimovic
Analyst InstaForex
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