BITCOIN Analysis for November 17, 2017

Bitcoin has reached its record high above $7,800 price level and expected to proceed much higher in the coming days. The recovery was quite massive and impulsive recently which proved once again that Bitcoin can overcome any obstacles coming its way and temporary pullbacks cannot stop the gains of this Cryptocurrency. The corrections along the way was a sign of a mature financial instrument where the bulls observed the market and pushed the price higher in a non-volatile impulsive pressure. Moreover, the recent news on Bitcoin Play hitting the Wall Street was an additional push for the Cryptocurrency to gain momentum. Currently, the price is quite indecisive in nature after having impulsive bullish price action yesterday which is expected to follow even today taking the price towards $8,000 price level before price shows any correction or pullback before it proceeds further upwards. As the price remains $6,900-$7,000 price level the bullish bias is expected to continue further.

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