Bitcoin analysis for November 16, 2017

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The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.528. One of the earliest references to hyperbitcoinization (H-theory) derives from the Satoshi Nakamoto Institute. It describes a world waiting for bitcoin in the borderless, peer-to-peer sense. Especially true for emerging economies prone to inflation, hyperbitcoinization is an adoption theory with radical implications. Until recently, it was only a theory. Technical picture looks bullish.

Trading recommendations:

According to the 1H time frame, I found that buyers are in control today and that selling looks risky. The price is trading above the pivot level ($7.049), whicih is sign another sign that selling looks risky. The upward target is set at the price of $7.845.

Support/Resistance

$7.566 – Pivot resistance 1

$7.845 – Pivot resistance 2

$7.049 – Pivot level

$6.7585 – Pivot support 1

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