Technical analysis Bitcoin BTC/USD - 05.11.2017

Whole week we watched the Bitcoin rise to new heights. Over the past 24 hours, we have seen growth of almost 3%. Capitalization of the entire crypocurrency market exceeded 200 billion USD, with BTC dominating over 62.5%. In the top ten only Bitcoin and Ethereum Classic record growth, the rest of the cryptocurrencies are falling.

We've reached 6200 USD, 6500 USD, 7000 USD and finally 7500 USD. In our latest analysis we have designated a short-term target of $ 6350, which was reached a few hours after the publication of the analysis.

Below chart update. Our long position is doing very good and currently SL is set at 7000 USD (buy was from 5200 USD).

Let's look how it looks from the D1 interval. Red rectangles indicate the range of growth impulse of the previous fork and predicted the same range that will be reached by the price after BTG. It stands at 7775 USD. From this place we expect correction. You already see the upper shadows which are the first sign that bulls have problems. This correction can reach even 6500 USD.

Our long-term target remains unchanged - 8200 USD, that is 261% of Fibo range.