Bitcoin analysis for 29/11/2017

Coinbase has announced that it has more user accounts than Charles Schwab. According to the Coinbase website, it has 13 million users, while the number of Schwab's brokerage accounts at the end of 2016 was 10.6 million. The number of Coinbase users has grown 167% this year. This still does not prove anything, because the amount of assets controlled by Schwab is certainly far above that of the Coinbase. Nevertheless, the actual number of users shows the popularity of a new form of investing. Coinbase openly publishes the number of active accounts on its website, and investors are proud to see them. Such an interest in the cryptocurrency exchange should put an end to the thought that Bitcoin is just a fascinating economic event.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The previous Fibonacci cluster which served as a projected target for wave (v) was violated, so the next Fibonacci cluster was found between the levels of $10,659 - $10,751. The current main Elliott wave scenario assumes, that the recent rally upwards is a so-called process of fifth wave extension of the fifth wave extension. This means the top for the wave 5 green must be found rather quickly now and should be followed by a sudden reversal in price. The nearest technical support is seen at the level of $10,000 and $9,725.

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