FX.co ★ BITCOIN Analysis for November 5, 2018

Bitcoin has been quite impressive with recent bullish gains which followed the textbook trend principles while the price was pushing higher after the bounce from $6,200 area. The price is currently residing above $6,400 area with corrections and volatility along the way while having greater probability of price to push higher towards $6,500 and higher in the coming days. BTC is trading with higher volatility amid the lack of liquidity which is being communicated in the current market scenario. The price is expected to retrace a bit lower towards $6,350-6,400 area before it again starts to climb higher with a target towards $6,500 and later towards $7,500 in the coming days. As the price remains above $6,000 area with a daily close, the bullish bias is expected to continue further.

SUPPORT: 6,000

RESISTANCE: 6,500, 7,500

BIAS: BULLISH

MOMENTUM: VOLATILE