BITCOIN Analysis for November 16, 2017

Bitcoin has been in a steady rally since it broke above the $7,000 price level recently which is expected to sustain further in the coming days. Bitcoin is currently behaving as a Mature Financial Instrument where the impulsive momentum is followed by correction and the supply and demand is kept in good balance. Though there have been some spikes along the way, but Bitcoin managed to regain the momentum and push higher. As the November fork was cancelled recently which led to the bearish pressure in the financial instrument did not quite managed to shake off the bulls from the path which signals that there are more higher highs waiting for the Cryptocurrency to climb on. As of the current situation, the price is showing some intraday corrections which is expected to lead to certain pullback towards the dynamic levels of 20 EMA, Tenkan and Kijun line before surging up higher in the coming days with target towards $8,000 price area. As the price remains above $7,000 price level which is also supported by the Kumo Cloud, the bullish bias is expected to continue further.


The material has been provided by InstaForex Company -