FX.co ★ Bitcoin analysis for 13/11/2017

In an official statement released on Thursday, Tom Zander praised BitcoinCash and said that its value means that Bitcoin Classic's performance would be more than that, believing that within half a year BTC would stop adding "Cash" and that we would start calling it a new " Bitcoin. Bitcoin Cash increased its value by 35% in the face of expectations and, following the cancellation of SegWit2x, a large portion of investors decided to shift their capital to split the chain.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The reversal from the wave five to at the level of $7,886 has happened as anticipated. Moreover, the decline toward the level of $5,534 is impulsive, so it might be a beginning of the new cycle down. The most important level for bears is now the technical resistance at the level of $6,982 and it might be tested as another leg upward is currently in progress ( possibly wave 2 or B). The weekly range measure by last week down candle size is now between the levels of $7,886 - $5,548, so it was almost reached already.