Technical Price Analysis of Bitcoin(Nov.8th)

Bitcoin is the first cryptocurrency to have existed and receive wide acceptance, it enjoys the support of both developers and users communities. Bitcoin is created by Satoshi Nakamoto and it is available on most of the exchanges. Bitcoin cannot be stopped by the “hardfork” and this cryptocurrency can be accessed by everyone on the internet. Investors who decided to invest in the Bitcoin when the trading was at its tiny fraction when compared to the highest price of this cryptocurrency, made the highest profit you could ever think of. The highest price of Bitcoin was above $19 000, a number of reasons have pushed Bitcoin to record highs, such as legalization of the currency in Japan for payments, boosted interest from other big countries, as well as the conclusion of a debate about the future of the cryptocurrency. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. It is important to do a lot of research and try to identify those currencies which are likely to fit together in an overall ecosystem, rather than trying to pick a single winner. The price of Bitcoin currently stands around $6 479 and there is a correlation between the price movements of Bitcoin and other cryptocurrencies. When we look at the 1-year chart we can see that Bitcoin is moving in “downtrend”. As long Bitcoin is below $10 000 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $6 000 and $7 000 – If the Bitcoin jumps above $7 000 that would be a “BUY” signal and the open way to $8 000. If the Bitcoin jumps above  $10 000 that could be a strong signal of the trend reversal and the open way to $12 000. On the other side, if the BTC falls below $6000 that will be a strong signal “SELL” signal and the next target could be around $5 800 or even $5 500.

Advice:The price of Bitcoin has stabilized in the last two months but it is true that the price could fall even more. This is a highly speculative cryptocurrency and still very risky, I also think that there are lots of other cryptocurrencies with bigger potential and with less risk. As for the technical picture, the Bitcoin remains in bearish phase but if the price advances above $10 000, short-term traders can enter the position with the stop loss at $9 800 and take profit at $11 000 or even $12 000.

About Stanko 84 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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