FX.co ★ Bitcoin analysis for November 10, 2017

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $6,708. While Wall Street heavies publically shamed bitcoin and its users, Citigroup is taking a more nuanced approach. In a wide-ranging interview at a futuristic conference in New York City, its CEO describes in detail how his firm, the fourth largest bank in the United States by total assets, just behind Wells Fargo, Bank of America, and JP Morgan Chase, will confront the world's most popular cryptocurrency, bitcoin. The technical picture looks bearish.

Trading recommendations:

According to the 4H time frame, I found a bearish engulfing candle formation in the background, which is a sign that buying looks risky. I also found a broken upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunties. The first downward target is set at the price of $6.060.

Support/Resistance

$7.332 – Intraday resistance (price action)

$7.878 – Major resistance

$6.060 – Downward target

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