BITCOIN Analysis for November 7, 2018

Bitcoin has been quite impressive with recent bullish gains as expected which lead the price to jump briefly above $6,500 today. Though the price has pushed lower with certain impulsiveness recently, it is being held by the dynamic levels like 20 EMA and Kijun line as support. The price is likely to climb higher above $6,500, aiming to surge much higher towards $7,500 and later towards $8,000 area. As per macro analysis, Bitcoin had been at exactly the same price zone last year in the same month before it started to gain impulsive momentum which nudged the price towards $19,000+ area within a month. So, the price is currently residing at exactly the same price zone which evolved into the bullish bias. BTC is expected to push higher as the bullish bias remains constant as the price remains above $6,000 area with a daily close.

SUPPORT: 6,000, 6,400

RESISTANCE: 6,500, 7,000, 7,500

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5be30e969e492.png

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