empty
 
 
09.10.2017 07:53 PM
BITCOIN Analysis for October 9, 2017

Bitcoin has recently broken above the $4386.80 resistance with weekly close which does signal further bullish pressure in the making with the target towards $5000 resistance area. There are certain positive reports about Bitcoin recently where Goldman Sachs reportedly working on Bitcoin Trading Business Plan. After the Chinese effect in the market which leads the price to drop below $4000 but recently the price has broken above the range with a strong impulsive move. Bitcoin and other digital currencies are being supported by several well-known financial institutions which lead the market sentiment in favor of Bitcoin to gain better. Currently, the price is residing above the $4386.80 level where the break above was supported by dynamic level and Tenkan Sen which does signal further impulsive bullish move with the target towards $5000 resistance area. As the price remains above $4386.80 level and dynamic levels the bullish bias is expected to continue further.

This image is no longer relevant

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback