Bitcoin analysis for November 15, 2017

analytics5a0c2e5dd11de.png

The Bitcoin (BTC) has been trading upwards. The price tested the level of $7.121. Just recently the notorious former Federal Reserve chairman Alan Greenspan gave his opinion concerning the rise of bitcoin in 2017. The 91-year old Greenspan explains that he believes the decentralized currency is very much like the world's unbacked fiat currencies. Technical picture looks bullish.

Trading recommendations:

According to the 4H time frame, I found broken supply trendline in the background, which is sign that selling looks risky. The price filed the gap in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $7.878

Support/Resistance

$6.471 – Intraday support

$7.878 – Major resistance

$5.636 – Major support

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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