Technical Analysis of BTC/USD for November 6, 2020

Crypto Industry Outlook:

According to analytical company Glassnode, the number of BTC addresses holding at least one Bitcoin has reached the new ATH.

As of today, there are 824,193 BTC addresses with at least one Bitcoin. This result surpasses the previous ATH of 824,160, observed on September 17. The number of addresses holding at least one bitcoin has been growing steadily since its inception in 2008. Even though the price of BTC has risen by thousands of percent since then.

The new record may have something to do with the BTC price, which has risen by around $ 3,500 last month and by around $ 10,000 since the March crash. The high price of Bitcoin makes it an even more successful coin. The number of BTC addresses storing 1 BTC is growing, even though it is getting more and more expensive.

According to Glassnode's data, more records are being prepared on the blockchain. Yesterday, the BTC mining difficulty fell by 16%, which is the second largest correction in history. The previous record was set in October 2011, when the digging difficulty decreased by 18%.

Technical Market Outlook:

The BTC/USD pair has made another yearly high at the level of $15,827 (at the time of writing the article) as the presidential election in the USA are still not finished and the COVID pandemic fears are still present. The level of $15.648 is the last Weekly Pivot Resistance. It is worth to notice, that the market conditions are extremely overbought on H4 and daily time frame, so a pull-back or correction might occur any time now. The nearest technical support is seen at the levels of $15,000 and $14,000. The key technical support is located at $12,625.

Weekly Pivot Points:

WR3 - $15,648

WR2 - $14,723

WR1 - $14,351

Weekly Pivot - $13,475

WS1 - $13,116

WS2 - $12,252

WS3 - $11,845

Trading Recommendations:

Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $16,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.

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The material has been provided by InstaForex Company - www.instaforex.com