BITCOIN Analysis for October 26, 2017

Bitcoin has been quite bullish today after the bearish rejection off the dynamic level of 20 EMA yesterday. The price is currently residing at the edge of the $6,000 resistance area and if the price breaks above this level with a daily close in coming days, it is expected that the price will head towards the $,7000 price area very soon in the future. The birth of Bitcoin Gold had a positive impact on Bitcoin, which is really positive for the cryptocurrency and the November impact now seems quite in favor of Bitcoin. As we have seen how the price reacted in August, the same impulsive movement can be expected in November as well. So, if the price clears the $6,000 resistance area with a daily close and remains above the $5,000 price level with the support of the dynamic level like 20 EMA, Tenkan and Kijun, then further bullish move is expected in the coming days.


The material has been provided by InstaForex Company -