BITCOIN Analysis for November 7, 2017

Bitcoin has been quite corrective and bearish recently which has led the price to fall back towards $7,000 support area. The trend has been non-volatile and most of the fundamental news has been in favor of Bitcoin which has supported the price to gain further. The pullback towards $7,000 support area has been a widely expected move as the last bullish moves were impulsive. A short-term correction is a must before the price bounces up higher towards $8,000 price level. Market sentiment is still quite bullish in light of recent positive reports, so the cryptocurrency is set to sustain further gains. The price is currently residing above the Kumo Cloud and expected to be contained above the Cloud to keep the bullish bias intact. As the price remains above $6,500-$7,000 support area, the bullish bias is likely to continue further.

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