BTC USD - Bitcoin Analysis for 8th November, 2017

Analytics   08 Nov, 2017   www.economies.com   Views: 571

BTC/USD Analysis for 8th November


Open  7,373.1299

Close   7,188.1001

High     7,450.0000

Low     6,956.8799

Expected trend for today: Bullish


Details

Bitcoin price leaned well on the EMA50 that formed solid support at 6920.00, to start attempts to surpass the bullish channel's resistance that appears on chart, which hints that the price is on its way to resume the main bullish trend after the temporary decline that it witnessed in the past sessions, supported by stochastic current positivity.

 

Therefore, we expect witnessing more rise in the upcoming period, and breaching 7360.00 followed by 7590.00 levels will confirm extending the bullish wave to target 8000.00$ barrier as a next main station, taking into consideration that breaking 6920.00 will push the price for bearish correction that its main targets begin at 6500.00 before any new attempt to rise.

 

Expected trading range for today is between 7200.00 support and 7600.00 resistance

Expected trend for today: Bullish


NB


This analysis is for information purposes only and does not amount to a trade signal.


Thank you




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