BITCOIN Analysis for November 20, 2017

Bitcoin is currently residing at the record high price of all time which is above $8,200. The price is quite impulsive in nature which is expected to push the price higher towards $9,000 price area soon. Bitcoin has gone through many ups and downs before making this record high but as the Cryptocurrency gained momentum after every drawback it has gone much strong with the gains. The market sentiment is currently quite in favor of Bitcoin despite the external influences which caused the fallbacks earlier. As of the current market scenario, the price has broken above the $8,000 price area with an impulsive push but did not quite retrace back to the area before pushing higher. So, in this case, the price is currently expected to have some pullback towards $8,000 price area before it pushes higher with the target towards $9,000 price level in the coming days. As the price remains above the Kumo Cloud and $7,500 price area the bullish bias is expected to continue further.

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