Bitcoin analysis for November 28, 2017

analytics5a1d5c8e95d9b.png

Bitcoin (BTC) has been trading upwards. The price tested the level of $9.900. The Nigerian Deposit Insurance Corporation (NDIC) has warned Nigerians that they will not be afforded consumer protections when trading virtual currencies. NDIC representatives also reaffirmed that the Nigeria's monetary regulators are unable to exert influence over the cryptocurrency markets. Technical picutre looks bullish.

Trading recommendations:

According to the 30M time frame, I found broken pivot reistance 1 ($9.828), which is a sign that buyers are in control. I also found a rising trendline and successful rejection, which is another sign of strength. My advice is to watch for potential buying opportunities. The intraday upward target is set at the price of $10 035.

Support/Resistance

$9.503 – Intraday pivot

$9.828 – Pivot resistance 1

$10 035 – Pivot resistance 2

$10 360 – Pivot resistance 3

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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