Fundamental view:

Bitcoin moved up in the last week. Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. Bitcoin was influenced by the same old stories like institutional investments, inflation hedge, and a store of value in the view of the imminent fiat collapse. Also, now that the US presidential elections are behind, the level of market uncertainties decreased, making Bitcoin and other risky assets more attractive again. 

Meanwhile, sustainable price growth resulted in increased bullish forecasts from reputable investors and large banks. For instance, a senior executive at US-based financial giant Citibank, Tom Fitzpatrick, mentioned that Bitcoin’s price could surpass $318,000 because it will become a digital version of gold.  

The major economic events deciding the movement of the pair in the next week are Markit Manufacturing PMI at Nov 23, CB Consumer Confidence Index at Nov 24, GDP quarterly report, Core Durable Goods Orders monthly report, Initial Jobless Claims, and FOMC Minutes at Nov 25 for US.  

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 15.25% higher than the previous week. Maintaining high at 18891.6 and low at 15771.1 showed a movement of 3120 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 19882.7 may open a clean path towards 20947.3 and may take a way up to 23003.1. Should 16762.3 prove to be unreliable support, the BTCUSD may sink downwards 14706.5 and 13641.9 respectively. In H4 chart Flags pattern formation favors prospects of a bullish trend. Three outside up pattern constructs a bullish outlook for the pair in the upcoming week.