Bitcoin News
At the time of writing this article, the Bitcoin Cash/US (BCH/USD) rate has hit a new high in the last four days of $505.90. There was a pull back after hitting this high, to $487.47.
According to various sources, the surge in bullish activity with Bitcoin is the upgrade today of 0.16.0. Those changes will come into effect via a Hardfork on November 13th 2017. Bitcoin announced that the changes are in response to concerns expresses about it's mining network.
On a wider front, it's hard to gauge whether the bullish run Bitcoin is having, is to do with the Blockchain changes and the pending Hardfork. Links suggest that it may have had more to do with South Korean exchange called Bithumb (BCH/KRW), which was up 47.83%.
Bitcoin Anaylsis
Hugely bullish of late with some pullbacks. On the daily chart it's broken out of the trend, with the RSI not showing any sign of a pullback from that just yet. On the intraday charts, there was, as usually periods of strong pullback, but these were extended later into strong bullish runs.
Current concensus, is on of cautious optimism to further gains. Look for a pullback down towards the top end of that trend line. Currently with such strong bull moves, there is no current strong support being shown, other than the trend line. So one of the things we are looking for is where that support may rest. The RSI is not at any point of exhaustion, so we could expect some further gains before a pull back. For now, it certainly appears very clear that the trend has now been broken and further gains are on the way for a period of rest from finding support.
** DISCLAIMER ** The information provided is my own analysis and should not be taken and is not given as any form of financial or trading advice. Any trade, investment or decision based from this information provided to you, is as is and I cannot be held responsible for any decisions you make from this information. DO NOT RISK what you cannot afford to lose. Trades can result in losses that are more than your initial stake. Seek proper training and paper trade before you use real money. Should you be interested in Technical Analysis, please look at my other articles on them.
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