BITCOIN Analysis for September 1, 2017

Bitcoin has recently broken above the resistance of the range 4386.80 level with a daily close. Bitcoin has been quite impulsive in nature this month which made currency gain over $2000. The impulsive bullish pressure took the price towards 4765.00 area from where the price is currently showing some bearish evidence in the market. Currently, the price is expected to reach 4386.80 level to retest it as a support where Tenkan Sen is also found to be supporting the price before it climbs up higher with a recent target towards 4500.00 resistance level in the coming days. The pair has been quite reactive to the dynamic level of 20 EMA which did signal the non-volatile movement so far and as the price remains above the 20 EMA in the coming days the bullish strength is expected to be unchanged in the coming days. Currently, it is also expected that the price movement will be quite corrective and slower in the coming days in comparison to the impulsive bullish pressure observed in August, which will help traders to find proper entries from the retracement from certain support levels in the market.

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The material has been provided by InstaForex Company - www.instaforex.com