Bitcoin analysis for November 02, 2017

The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.345. China’s major exchanges have found a legitimate means through which to continue operations despite the Chinese government crackdown on cryptocurrency exchanges. The technical picture looks bullish.

Trading recommendations:

According to the 1H time frame, I found strong upward momentum in the background. I also found successful testing of the upward trendline, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $7.349 and $7.945.

Support/Resistance

$6.695 – support cluster

$7.345 – intraday resistance

$7.945 – short-term upward target

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