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

2020-10-16T11:54:43

Relevance until2020-10-18

Further Development

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

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

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