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Bitcoin forecast (11/07/18)

Bitcoin is currently trading at 6,341 USD on the Bitfinex exchange. This marks a 3.28% decline from yesterday.

Analysis of the 3-hour BTCUSD chart reveals a very interesting development; the price has broken up out of the downwards channel:

Although the chart shows that BTCUSD has exited the downtrend, I don’t consider this a reliable buy signal. The reason for this is that the latest high (high 2 on the chart) failed to surpass high 1, which formed inside the downwards channel. This all suggests that the bulls aren’t yet strong enough to launch an attack on the bears. We’ll most likely see BTC prices consolidate between 5,800 and 6,800 USD over the next few days.

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