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Bitcoin is Back Above $7000 But Will it Go Higher?
Bitcoin is Back Above $7000 But Will it Go Higher?

It Seems That Yesterday's Tumble Was A Flash Crash but What Will Come Next?

 

November has been a difficult month for Bitcoin. The world's first cryptocurrency started the month trading at around $9200 and it is trading now roughly $2000 lower at $7200 which is a 20% change.


This is not too dramatic for a volatile asset like Bitcoin considering it just recovered from yesterday's flash crash. Bitcoin has quickly recovered from it's drop to $6500 back to previous prices of around $7200.

Many different factors have been cited as a reason for Bitcoin's decline in November. The most popular theory is uncertainty with Chinese regulations. The drama surrounding the Block & Binance may have caused the flash crash and further price declines this week.

The biggest question right now with Bitcoin back at $7000 is "Are we in a bull or bear market?"

 

A Look Into BTC/USD Charts

BTC Weekly review 26/11/2019 by Senin on TradingView.com

It seems that Bitcoin found support on 7150 USD 38.2% Fibonacci level on 1D chart.

This is a great thing as we are expecting MACD to flatten up as its negative Momentum just right now showed us a reversal sign to the Positive one. It seems like a great time to trade actively. Following Volume Profile we can see next resistance level. ADX & DI are recovering very quickly so we just need to wait a bit. Pay attention on volume as suddenly it started to grow up quickly.

In layman's terms, things seem cautiously optimistic.

 

A special thanks to Senin for his technical analysis insight.

 

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Written by Jonathan Ganor

Writer & cryptocurrency aficionado

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