02.11.201710:15 Forex Analysis & Reviews: Bitcoin analysis for 02/11/2017

According to the Freelancer periodical report, the number of cryptocurrency related jobs has increased by as much as 82% in the third quarter of this year. These deals mainly concern works related to Bitcoin, blockchain and related markets. Freelancer notes that a significant portion of the growth comes from companies that are looking for an employee to design new coin in ICO projects. One of the main characteristics sought by companies is the ability to manage ICOs that are perceived as highly profitable. In addition, employers are also looking for employees to write these projects. At the same time, the demand for cryptographic specialists also increased. Cryptography is the basis on which blockchain technology is based and is highly demanded during the design process of new, secure coin. Freelancer noted not only higher demand for employees in the digital currency area, but also definitely better working conditions than the competition. In a report released in September, it was found that companies associated with cryptocurrencies pay on average between 10% and 20% more than traditional companies, and they offer much more flexible working conditions.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The alternative corrective cycle count has been abandoned after it turned out the low for the wave 4 was established at the level of $5,343. Currently, the next best count is an impulsive wave 5 progressions, which might easily extend towards $7,000 level. Please notice the overbought market conditions at H4 time frame and a bearish divergence on a higher time frame.