FX.co ★ Bitcoin analysis for October 02, 2017

The Bitcoin (BTC) has been trading upwards.The price tested the level of $4,445. According to various reports, the African country of Zimbabwe is suffering from severe economic hardships similar to the inflation and currency crisis in Venezuela. Furthermore, demand for bitcoin is surging.

Trading recommendations: According to the 15M time frame, I found a bullish gap today and hidden bearish divergence on the moving average osiclator, which is a sign that buying looks risky. There is also a breakout of an upward trendline. My advice is to watch for intraday selling opportunities. The downward targets are set at the price of $4,296 and $4,182.

Support/Resistance

$4,445 - Intraday resistance

$4,295 – Intraday target (price action)

$4,182 – gap target (price action)

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