FX.co ★ Bitcoin analysis for November 01, 2017

The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $6.583. On October 31 the world's largest options and futures exchange, CME Group, has announced it will be launching a bitcoin-based derivatives marketplace for future contracts during Q4 of 2017. The US-headquartered financial markets company says there is "increasing interest" for the cryptocurrency options and futures products for mainstream investors. Current technical picture looks bullish.

Trading recommendations:

According to the 1H time frame, I found testing of support at the price of $6.445, which is a sign that selling looks risky. The momentum is bullish and my advice is to watch for potential buying opportunities. The upward targets are set at the price of $6.620 (pivot resistance 2) and at the price of $6.820 (extreme intraday target).

Support/Resistance

$6.278 – Pivot level

$6.620 – Pivot resistance 2

$6.820 – Pivot resistance 3

$6.146 – Pivot support 1

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