NEWS CRYPTO.. Bitcoin Price Analysis Nov.8: First Signs of Bullishness

On our earlier BTC worth evaluation, we’ve talked about the numerous bullish sign which is the RSI breakout on the day by day chart.

It hasn’t been lengthy until Bitcoin handed $6500, for the primary time since October 11. What may additionally contribute to the bullish surroundings is the rising buying and selling quantity coming from South Korea. South Korean exchanges had a significant function within the newest bull-run on the finish of 2017.

The Four-Hours chart:

  • Bitcoin appears to be like constructive: Rising buying and selling quantity, and the breakout of the populated-zone of resistance (together with the three shifting common strains – 50, 100 and 200 days MA). However, I might search for creating a better low proper right here (round $6500) earlier than a doable proceed upwards.
  • At the moment, BTC is dealing with the following main resistance space at $6500 – $6530. The following resistance ranges lie at $6650 and $6800.
  • From the bear aspect, resistance-turned assist space at $6350 – $6430 together with the above three shifting common strains and the ascending trend-line. Additional assist stage lies at $6250 and $6100.
  • BitFinex has now 21Okay BTC open quick positions. The quantity had decreased a bit since our final replace.

BTC/USD BitStamp Four Hours chart

Cryptocurrency charts by TradingView. Technical evaluation instruments by Coinigy.

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