Bitcoin Analysis for September 20, 2017

Bitcoin is still struggling to settle above the $4,000.00 resistance level since yesterday. It has been very tight in range after the impulsive bounce off the $2,955.80 level which is currently quite indecisive in nature at the edge of breaking above the $4,000.00 important level. After the Initial Coin Offering and Exchange Ban in China currently it is rumored that the mining of Bitcoin will be also banned in China as well that will lead to further weakness for the financial instrument. As the price remains above the Kumo Cloud, it is currently expected to break above the $4,000.00 level in the coming days that is likely to lead to a further bullish move with first target towards $4,386.80 and later towards the psychological level of $4,500.00. Though there are certain challenges being faced by this Cryptocurrency, the demand will eventually increase and lead to more gains as more favorable outcomes from other countries will start to emerge.

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