Bitcoin analysis for November 09, 2017

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The Bitcoin (BTC) has been trading sideways at the price of $7.145. Britain's Revolut filed a formal application for banking licensing this week. Established British banks are bracing for rule changes domestically and internationally, as more digital-only banks are ever-closer to legal parity with legacy institutions. Technical picture looks bearish.

Trading recommendations:

According to the 1H time frame, I found fake breakout of resistance at the price of $7.467, which is sign that buying looks risky. I also found a strong bearish engulfing candle formation, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $6.901 and at the price of $6.556.

Support/Resistance

$7.878 – Major resistance high

$6.907 – Pivot support 1

$6.556 – Pivot support 2

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