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Bitcoin Technical Analisys From 20 To 26 November, 2017

bitcoin chart 20-26.11

Bitcoin price moves up above $ 8,800 against the US dollar. BTC/USD could soon break $ 9000 and continue its growth.

The profit in the bitcoins price was higher than the level of $ 8000. The price was also able to move above the level of $8800 and formed a new record high of $ 8,888.46. During the upward movement there was a break above the resistance levels of $7500 and $8000. Moreover, there was a break above the rising channel with resistance at $ 8650 on the 4-hour chart of BTC/USD.

These breaks opened the doors to increase profits above $ 8,800. It seems that the current trend is very positive, and the price is likely to accelerate above $ 8,800. The next resistance on the way is about $9000. On the other hand, a broken channel of about $ 8,650 is likely to act as a support if the price goes down. Moreover, Fib 23.6% from$ 875 to $ 8888 is also about $ 8,650.

Thus, the level of $ 8,650 is a major support in the short term. Below $ 8,650, the Fib 50%  from $ 875 to $ 8,888 for $ 8,382 can be tested. Below this last, the most important support zone is about $ 8,200-8,000. Targets can be $ 9000, $ 9,200 and $ 9,800.

Technical indicators:

4-hour MACD is well placed in bullish zone.

4-hour RSI is moving higher in overbought levels above 75.

The basic level of support is $ 8650.

The main resistance level is $ 9000.

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