Bitcoin Price Technical Analysis and Predictions for November 2015Bitcoin price has been in a steady uptrend until a sharp correction on November 3 shown on the daily chart:The correction was not unexpected as our bitcoin price technical analysis indicated the rate of increase was not sustainable. Bitcoin price had increased from $400 to $500 in less than 24 hours. Price had become parabolic and a sell off began on November 3. However note that the 50% retracement level was not touched and the bull market is still in progress. A Golden Cross happened at the end of October and price is well above the 200 week moving average.The correction is shown in detail on the one hour chart:When you combine the Fibonacci levels on the daily and hourly charts you can see Fibonacci levels overlap at $350 and $430 creating a price channel:Bitcoin price is treading water exactly in the middle of the channel and we are waiting for the $430 channel top to be tested this upcoming week. There is very strong support at $350 and we doubt price will decrease below that level, although it may be tested again. There is a lesser chance that price may decline to the next Fibonacci support level at $314. The worst case scenario for the bull market would be a drop to the 200 week moving average at $250.Predictions for November 2015Take a look at the following chart with Fibonacci price extensions drawn from the most recent high and low price:The 1.618 Fibonacci extension is $690, which closely matches the last swing high of $683 on May 31, 2014. When price breaks through the $500 level there is little overhead resistance until $690.We expect some consolidation in the $350 to $430 price channel. Once $430 is taken out $500 remains a technical and psychological barrier. However be prepared for fireworks when price increases beyond $500 as $690 could come up fast certainly by end of 2016.Bitcoin is a buy at current levels. Traders looking for the best entry price might wait for price to trend down to the bottom of the price channel at $350.