Bitcoin analysis for October 06, 2017

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $4.412. The news from Japan are positive for Bitcoin. Japan's major players in the financial industry are eyeing bitcoin mining with a goal of generating new revenue. They also hope to help set the ground rules for using bitcoin. In early September Japan's GMO and DMM.com said they were moving into the mining space. Both companies have started crypto and bitcoin exchanges. Technical intraday picture looks bullish.

Trading recommendations:

According to the 30M time frame, I found a successful breakout of Asia ses. Trading range, which is a sign that buyers are in control. I Placed Fibonacci expansion to find potential targets. Upward targets are set at the price of $4.445, $4.485 and $4.620.

Support/Resistance

$4.270 – Intraday support (price action)

$4.2413 – Resistance (price action)

$4.485 – Intraday target (Fibonacci)

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