Bitcoin analysis for November 21, 2017

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $8,234. Just recently, Alibaba founder Jack Ma said that he doesn't have much interest in bitcoin. In a new series, the CEOs of Chinese e-commerce giants Alibaba, Jingdong Mall (JD) and 58.com shared their insights on bitcoin and the blockchain technology. The technical picture looks bullish.

Trading recommendations:

According to the 1H time - frame, I found the resistance cluster at the price of $8,257 on the test. The trend is bullish but wait for a potential breakout of resistance to confirm a further upward continuation. If the price breaks the level of $8,257, watch for buying opportunities. The upawrd target is set at the price of $8,700. Anyway, if you see rejection from resistance, the testing of $7,762 might come to play.

Support/Resistance

$8.257 – Key resistance

$7.762 – Reaction low

$8.700 – Upward objective target

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