Fundamental view:

Bitcoin rose in the last week an reached 15700 level. According to crypto analytics platform Messari, Bitcoin has now spent more than 20 days above the $15,000 barrier. Now U.S. presidential candidate Joe Biden is six electoral votes away from victory, with officials continuing to count ballots in Georgia, Pennsylvania, North Carolina, Arizona, and Nevada. Many industry experts are predicting continued volatility among cryptocurrencies and the stock market until a winner is determined.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at Nov 10, OPEC Monthly Oil Market Report, Fed Governor Quarles Speech at Nov 11, EIA Crude Oil Stocks Change, Initial Jobless Claims at Nov 12, and PPI monthly report at Nov 13 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 13.38% higher than the previous week. Maintaining high at 15965.1 and low at 13190.6 showed a movement of 2774 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 16650.0 may open a clean path towards 17685.8 and may take a way up to 19415.5. Should 13884.5 prove to be unreliable support, the BTCUSD may sink downwards 12154.8 and 11119.0 respectively. In H4 chart Ascending scallop pattern formation favors prospects of a bullish trend. Bullish spinning top pattern constructs a bullish outlook for the pair in the upcoming week.