ALERT! Bitcoin (BTC/USD) Trading Analysis 10th November 2017 [12.39 UTC]

Bitcoin Analysis

After the news that the Hardfork is no more, the growth we have seen and the greed of a possible x2 reward from the Hardfork that was due on 16th November, created a surge. The Hardfork was never a given and could have been withdrawn like it has, more so, there was certainly only a slim likelihood of any x2 reward from that hardfork. This rather tentative push caused a bull run that was never likely to last. We noted this last week and this week. Noting the trading range as shown in the chart.

However, we have now broken through a support in that range, it could bounce back as it's not a clear break, there is a small bodied candle just outside the support. Given that that there is a lot of uncertainty with Bitcoin bull run and we are seeing more and more people take profit. There is a chance that this support could break anytime soon. This could then lead to a retracement to $6370 or lower to $6150

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