Bitcoin analysis for November 17, 2017

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The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.987. A major Japanese bitcoin exchange is looking to enter the Russian cryptocurrency market and is seeking a local partner. The exchange's CEO says "demand is huge" and urges Russia to look at Japan as a model for cryptocurrency regulations. Technical picture looks bullish.

Trading recommendations:

According to the 15M time frame, I found that price is trading above the pivot level ($7.621), which is sign that buyers are in control. I also found broken supply trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upwaard targets are set at the price of $8.126 (pivot resistance 1) and at the price of $8.395 (pivot resistance 2, extreme target).

Support/Resistance

$7.621 – Pivot level

$8.131 – Pivot resistance 1

$8.395 – Pivot resistance 2

$7.357 – Pivot support 1

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