Bitcoin analysis for September 01, 2017

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The Bitcoin (BTC) is trading higher at the level of $4.784.90 driven on the news that the U.S. government has awarded a $100,000 grant to a group of researchers looking to apply blockchain to public library systems. The Institute of Museum and Library Services was founded in the mid-'90s, with the aim of providing federal support to libraries and museums. Public records show that officials with the agency are funding a new effort at the San Jose State University Research Foundation, which seeks to conduct preliminary research into how blockchain tech could help libraries manage digital rights, as well better assist their communities. Technical picture confirms that upward trend.

Trading recommendations:

According to the Daily time frame, the buyers are in control and the price went out of the 2-week trading range, which is a sign that selling looks risky. Besides, there is a successful re-test of the tranding range in a low volume, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $5.000. The price respected the 24-simple moving average and it confirmed that buyers are in control.

Support/Resistance

$4.465 – price action resistance

$4.745 – Intraday support

$5.000 – Round number – resistance

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