Published on November 13th, 2017 | by bitcoin0
Will Bitcoin Recover? Why It May Not Go above 6500
As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $6,523, having reached a high of $6,559 so far.
Chart analysis indicates that BTC has retraced 38.2 percent of the sell-off from Nov. 8 high to Nov. 12 low.
Investors had reportedly begun moving funds across to bitcoin cash (BCH) following the abandonment of the upgrade, resulting in a rally for the rival cryptocurrency.
As discussed yesterday, the price chart analysis shows the current pullback could find a bottom around $5,000 levels.
The above chart shows:
The trendline from the May.