ALERT! Bitcoin (BTC/USD) Trading Analysis 10th November 2017 [12.39 UTC]steemCreated with Sketch.

in #trading7 years ago (edited)

Bitcoin Analysis

btcusd 101117 - 4hr.png

After the news that the Hardfork is no more, the growth we have seen and the greed of a possible x2 reward from the Hardfork that was due on 16th November, created a surge. The Hardfork was never a given and could have been withdrawn like it has, more so, there was certainly only a slim likelihood of any x2 reward from that hardfork. This rather tentative push caused a bull run that was never likely to last. We noted this last week and this week. Noting the trading range as shown in the chart.

However, we have now broken through a support in that range, it could bounce back as it's not a clear break, there is a small bodied candle just outside the support. Given that that there is a lot of uncertainty with Bitcoin bull run and we are seeing more and more people take profit. There is a chance that this support could break anytime soon. This could then lead to a retracement to $6370 or lower to $6150

** 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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Nice one... I like crypto currency