BITCOIN Analysis for October 10, 2017

Bitcoin is currently residing above the $4,700 price level, which has already taken over the $4,500 price level and now heading towards the $5,000 resistance area. The turnaround of the Bitcoin after the Chinese effect is remarkable and the market sentiment is pushing the price higher once again. The bullish bias is quite strong as the trend has been non-volatile since the break above the $4,000 price level. The cryptocurrency is currently behaving as a mature financial instrument as it is following the impulsive and corrective sequence like the rest of the mature financial market, which is indeed very impressive ans the digital currency is expected to attract more traders. As of the current situation, the price has been quite corrective today after the impulsive bullish move above the $4,700 price level; but as the price remains above $4,500, the impulsive bullish move is expected to proceed towards the $5,000 resistance area with a view of breaking above it in the coming days.

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