BITCOIN Analysis for October 11, 2017

Bitcoin has been quite corrective with the gains yesterday as it proceeds towards the $5,000 resistance area. After the price broke above the $4,386.80 resistance level the price has surged higher without any noticeable retracement along the way. There has been nothing going on fundamentally, the market sentiment seems to be not very confident about the progress towards the $5,000 price level. The Bitcoin gain has been quite steady, but the bullish pressure is still quite strong in nature, which is expected to push the price higher sooner or later. Currently, the price is in a corrective range trying to break upwards to the $5,000 level after retesting the $4,700 price level. The price is currently residing above the $4,386.80 support level, as the price remains above this level the bullish bias is expected to continue further in the coming days.

analytics59de447fc4e2d.jpg

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader 4.

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