FX.co ★ BITCOIN Analysis for October 6, 2017

Bitcoin has moved higher yesterday bouncing off the dynamic level of 20 EMA and Tenkan Sen with a daily close. The price is currently residing at the edge of the resistance level of $4,386.80 which is expected to proceed higher towards $4,500 and later towards $5,000 in the coming days. According to the recent moves, the Bitcoin market seems to be quite mature and have reliable sustainability with the gains. The market is moving with the impulsive corrective sequence which does make it quite easier to ride on and take profit for the traders. Though Bitcoin is expected to gain further towards $5,000 level, Bitcoin split is expected in November which might shake the market a bit. Currently the price is residing above the Kumo Cloud support and dynamic level of 20 EMA whereas Chikou Span has already broken above the candle resistance which does indicate that further bullish move is on the way and there are higher chances of price moving towards the $4,500 level in the coming days. Though a negative bias is going on in the market due to the ban on digital currencies, the market sentiment is still quite stronger in nature. It signals that Bitcoin is going to survive and gain further in the future. As the price remains above $4,000 level, the bullish bias is expected to continue further.

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