BITCOIN Analysis for November 15, 2017

Bitcoin is currently hovering above $7,000 price level again after the drastic fall towards $5,500 support area recently. The cryptocurrency has again proved its strength by overcoming the external influences for the downturns and regaining the momentum to proceed higher. The Bitcoin recovery after the fall was remarkable as the gain was quite impulsive in comparison to the steady downturn after bouncing off the $7,800 price area. The price is currently quite higher than the dynamic levels and showing some bearish intervention already in the non-volatile impulsive bullish trend which is expected to show some correction towards $6,900-$7,000 price level before the price pushes up higher with a target towards $8,000 price area in the coming days. As the price remains above $6,900-$7,000 price area, the impulsive bullish pressure is expected to continue to push the price much higher in the future.


The material has been provided by InstaForex Company -