03.10.201719:13 Forex Analysis & Reviews: BITCOIN Analysis for October 3, 2017

Bitcoin has been quite impulsively bullish after bouncing off the $4,000 support area where the price is currently showing some bearish intervention off the resistance level of 4,386.80. The progress towards $5,000 level after breaking above the $4,386.80 and $4,500 is expected to quite slower and corrective in nature as the Cryptocurrency is on the way to steady gains with a mature market sentiment. The trend is up now but the market sentiment has not quite shifter to bullish as of the market pressure suggests. In November Bitcoin Split is expected which might shake the market again and affect the gains in the coming days. Currently, the market is expected to show some corrective price action and retrace towards the dynamic level of 20 EMA whereas Chikou Span is also expected to break above the candle resistance by then. After few corrections, it is expected that the price will break above $4,386.80. If the price breaks above $4,386.80 with a daily close the price will be expected to proceed towards $4,500 and later towards $5,000. As the price remains above $4,000 support area the bullish bias is expected to continue further.