Bitcoin analysis for 20/11/2017

In mid-November 2017, Zimbabwe's military made a coup, which led to a further rise in Bitcoin's prices on local exchanges. Army Zimbabwe attacked Harare on November 14 after a week of confrontation with President Robert Mugabe's administration. According to the army, this movement was aimed at preventing a civil war. It is worth adding that Mugabe has been the head of the country since 1980. On November 15, in the capital of the country, Harare, the price of Bitcoin was $ 13,010, an increase of 10%. Based on data from the Golix website, the current price of Bitcoin is $ 14,000, almost double the international price.

Due to the political crisis, the demand for Bitcoin in the country has risen sharply. One of the reasons for this situation is the lack of national currency. In 2009, after the hyperinflation, which took place in 2008, the government as a legal means of payment has adopted several currencies such as the US Dollar and the South African Rand. According to Golix's co-owner, Taurai Chinyamakobv, Bitcoin prices are determined by supply and demand and be even higher if the situation in Zimbabwe get's worse.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made a new marginal higher high at the level of $8,077 but the target for the wave v is projected at the level of $8,365. The clear and visible divergence between the price and the momentum oscillator support the view. The next important technical support is the weekly pivot point at the level of $7,423.


The material has been provided by InstaForex Company -