Bitcoin (BTC/USD) Trading Analysis 7th November 2017 [16.30 UTC]steemCreated with Sketch.

in #bitcoin7 years ago

Bitcoin Technical Analysis

Bitcoin is on the ropes from it's recent highs. The trading range we noted a few days ago has turned against it and is now trading towards a level of support that has the strong potential to break at $6987.00 If it does break, we could see drops further and quickly. Levels suggested by the Fibonacci retracement look likely to be around tp am overall retracement to $6396.

People are taking profit. Perhaps with the focus on the hardfork looming around the corner, many are not wanting to jump in until they know more about what happens after it. This makes a lot of sense. Traders taking profit at record highs, once the first sign of weakness is shown. Then add the changes coming on the 16th November with the Hardfork and the uncertainty of what the outcome of that will be. Combines into a period of doubt shown in the consolidation and now a potential retracement?

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** DISCLAIMER ** The information provided is my own analysis and should not be taken and is not given as any form of financial or trading advice. Any trade, investment or decision based from this information provided to you, is as is and I cannot be held responsible for any decisions you make from this information. DO NOT RISK what you cannot afford to lose. Trades can result in losses that are more than your initial stake. Seek proper training and paper trade before you use real money. Should you be interested in Technical Analysis, please look at my other articles on them.

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