Bitcoin Analysis for November 13, 2017

Bitcoin has seen a drastic fall recently off the resistance area of $7800 as the November fork was cancelled due to disagreement among developers. Today suddenly the market bounced off the support area of $5,500 after an impulsive bearish move. The counter move was more impulsive than the last daily bearish candle which is expected to push the price higher again towards the path of $8,000 price level. The sudden impulsive bullish move is assumed because of the recent introduction of Bitcoin Gold which is expected to have a positive impact on the Bitcoin's advance in the coming days. Currently, the price is between $6,500-$6,700 resistance area after having bounced off the support area of $5,500 with a Double Bottom pattern. If the price breaks above with an intraday close as the next price action, then the impulsive bullish move is likely to continue further with a target towards $8,000 price level. As the price remains above $5,500 price area, the bullish bias is expected to continue further.

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