Analysis of Bitcoin for October 23, 2017

The Bitcoin has recently reached $6,000 resistance area and bounced off the area with the bullish rejection and a daily close below it. Ahead of the Bitcoin split in November the price has bounced off the $6,000 price level as expected. Though there are certain restrictions about Bitcoin trading going on in few countries which affected the growth of Bitcoin earlier but currently it has soon good recover and reached all time high which does signal that the Bitcoin is quite strong now to create more highs in the future. Currently the price is residing below $6,000 resistance area and after a strong impulsive rejection off the level last week and a retest today it is currently expected that the price will consolidate and might show some bearish pressure towards $5,000 support area before it launches up much higher in the future. As of the current scenario, the price is expected to consolidate and show some bearish pressure until Bitcoin Split happens and after that we will be getting good amount of positive push to buy the Bitcoin again.

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