06.09.201720:58 Forex Analysis & Reviews: BITCOIN Analysis of September 6, 2017

Bitcoin has recently broken above the resistance level of $4386.80 as expected. Bitcoin had bearish pressure due to China canceling the coin offer but it seemed to be covering up very soon as the market is currently looking forward to regaining its strength. The price has recently broken above the resistance area and retested it with a bounce off the dynamic level of 20 EMA which pushed the price higher with more impulsiveness today. The encouragement of digital currencies in Canada by the Financial Regulators has provided the required push to Bitcoin to bounce back to progress towards the target resistance of $5000. The price has also broken above the Kumo Cloud during the break above the resistance level of $4386.80 with a Tenkan and Kijun Cross following it whereas Chikou Span has also broken above the candle barriers. Currently, the price is expected to show limited retrace towards the dynamic level of 20 EMA as it progresses higher with the bullish pressure towards $5000. As the price remains above $4386.80 level, which has recently turned to support, the bullish bias is expected to continue further.