Fundamental view:

The pioneer digital currency hit a new multi-year high .Currently, Bitcoin is on the way to finish the sixth consecutive week in a green zone, which is the longest bullish streak since March. Bitcoin’s market share jumped to 65%, while its capitalization exceeded $300 billion.

Notably, according to the research performed by CryptoVoices, Bitcoin’s market value has already surpassed the monetary base of several economies, including Russia, Australia, Sweden and Poland. This measure includes physical currency and bank reserves held by the local central banks.

The major economic events deciding the movement of the pair in the next week are NY Fed Empire State Manufacturing Index at Nov 16, Retail Sales monthly report at Nov 17, Building Permits, EIA Crude Oil Stocks Change Nov 18, Initial Jobless Claims at Nov 19 for US, and G20 Meetings at Nov 20. 

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.27% higher than the previous week. Maintaining high at 16477.1 and low at 14786.5 showed a movement of 1690 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 16847.7 may open a clean path towards 17507.7 and may take a way up to 18538.3. Should 15157.1 prove to be unreliable support, the BTCUSD may sink downwards 14126.5 and 13466.4 respectively. In H4 chart ascending scallop pattern formation favors prospects of a bullish trend. Hammer pattern constructs a bullish outlook for the pair in the upcoming week.