Bitcoin analysis for October 09, 2017

analytics59db6ffa9ee64.png

The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $4.617 driven on the news that Malaysia central bank Governor is taking bitcoin cues from China. His glib statements are attracting widespread regional attention, as Southeast Asia's 4th largest economy attempts to reconcile notorious financial conservatism with radical financial change. Anyway, current technical sugest that buyers should be careful about buying.

Trading recommendations:

According to the 4H time frame, I found strong resistance on the test at the price of $4.615. I found rising wedge formation in creation, which is a sign that buying looks very risky. The upward trendline is on the test and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $4.423 and $4.340.

Support/Resistance

$4.615 - Short term resistance (price action)

$4.660 – Short-term resistance cluster (price action)

$4.535 – Intraday support (price action)

$4.423 – First downward objective (price action)

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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