Graphical analysis of #Bitcoin on the 9th of November.

Once again updating their historical highs, bitcoin began to decline in value. It happened rather abruptly, but again it should be noted that far from their highs, the rate of «cue ball» is gone. This means that the upside potential for cryptocurrency is stored and it is quite strong. Also, there is evidence that Bitcoin will avoid already the third hardwork SegWit2X, which was planned in mid-November. The developers issued an open letter stating that «the initiative Segwit2x began in may with a simple goal — to increase the block size and improve the scalability of bitcoin». However, this decision was supported by no more than 30% of participants in the system, so bringing it into force could split bitcoin and to prevent the growth of quotations of bitcoin. Thus, at least until yet another fork will not take place. It is also worth noting that in the previous two forks formed two new cryptocurrency on the basis of Bitcoin, however, both do not use special demand and popularity.

Quotes «cue ball» began a sharp decline after it became known that the third hard forks will not. This moment coincided with the formation of the bearish divergence at the MACD indicator. Thus, quotes may continue to fall towards the correctional level of 200.0% — 6980,00$.

On the hourly chart now formed a tapering triangle, but the second top point it lacks. Since its formation we can expect a breakout one of its boundaries.

Trading recommendations:

Buy #Bitcoin could be considered with the aim 8220,00$, about which you can profits, if there is a rebound from the level of Fibo 200,0%.

Sell #Bitcoin is at the closing of quotations under the level of correction of 200.0% to 6208,00$ and the order limiting damages, the above 6980,00$.

Make money on the movements of the exchange rate of currencies with InstaForex, opening the transaction in the terminal MetaTrader4.

The material has been provided by InstaForex company —

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