Bitcoin analysis for October 10, 2017


The Bitcoin (BTC) has been trading upwards. The price tested the level of $4.855. The news around the world are positive for Bitcoin. The South Pacific island nation of Vanuatu has become host to the world's first government to accept bitcoin in exchange for citizenship. Vanuatu's citizenship program costs $200,000 USD, meaning that at current prices the residency program costs less than 41.5 bitcoins. Tehnical picture looks bullish.

Trading recommendations:

According to the 15M time frame, I found the trading range between the $4.732 (support) and $4.855 (resistance). My advice is to watch for potential breakout of trading range to confirm further direction. Anyway, the trend is bullish and there is more change for upside breakout. If you see breakout of resistance, watch for buying opportunities. The upward target will be set at the price of $4.923. Anyway, the breakout of support may confirm potential testing of $4.538.


$4.840 – Intraday resistance (price action)

$4.832 – Intraday support (price action)

$4.932 – Upward target (price action)

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