BITCOIN Analysis for November 9, 2017

Bitcoin has been quite bearish recently after having good amount bullish rejection off the $7,880 resistance area. Due to sudden cancellation of high impact event which was supposed to be held next week Bitcoin market had observed a sudden crash. The fork was done with the objective of increasing the capacity of the Bitcoin network which had some positive vibes to it and made the market gain good momentum but due to lack of agreement between the developers it was cancelled. The price was impulsively bullish yesterday progressing towards $7,880 level before it crashed towards the current market price area of $7,100. Currently the price is residing above the Kumo Cloud support area but below the dynamic levels of 20 EMA, Tenkan, and Kijun line. The Chikou Span is currently residing inside the corrective structure as well showing no significant directional bias. As the price remains above $6,900-$7,000 price area, the bullish bias is expected to continue further.

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