FX.co ★ BITCOIN Analysis for November 2, 2017

Bitcoin has surged higher today with a break above the $7000 price level quite impulsively but currently, it is showing some rejection off the level. The price has been quite volatile after breaking above the $7000 price area today as it seemed like the market was not ready to push over $7000 and sustain the gain yet. As of recent approval of future trading of Digital currencies, the Bitcoin price has surged up and it is currently expected that the price will soon hit the $8000 price level very soon. The price has been quite non-volatile and bullish without any deeper pullbacks along the way which lead to the creation of bearish divergence off the $7000 price level. Currently, the volume being traded for Bitcoin has reduced as per MACD histogram levels which are expected to indicate upcoming bearish pressure towards the supports at $6000, $5500 and $5000 area. As the price remains above $5000 price level the bullish bias is expected to continue further. In this case, the deeper the pullback will happen the better impulsive bullish move can be expected from Bitcoin in the future.

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