Bitcoin (BTC/USD) Trading Analysis 7th November 2017 [16.30 UTC]

Bitcoin Technical Analysis

Bitcoin is on the ropes from it's recent highs. The trading range we noted a few days ago has turned against it and is now trading towards a level of support that has the strong potential to break at $6987.00 If it does break, we could see drops further and quickly. Levels suggested by the Fibonacci retracement look likely to be around tp am overall retracement to $6396.

People are taking profit. Perhaps with the focus on the hardfork looming around the corner, many are not wanting to jump in until they know more about what happens after it. This makes a lot of sense. Traders taking profit at record highs, once the first sign of weakness is shown. Then add the changes coming on the 16th November with the Hardfork and the uncertainty of what the outcome of that will be. Combines into a period of doubt shown in the consolidation and now a potential retracement?

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