BITCOIN Analysis for October 4, 2017

Bitcoin has been quite bearish recently after bouncing off the $4,386.80 resistance level. Recently, the US Federal Authorities collected almost $50 million in Bitcoin Seizing action, which is not only a bad news for the Bitcoin, but for all the digital currencies in the world. It is expected that all the digital currencies are used in illegal activities, which must be stopped very soon. After the news got viral, the Bitcoin market has seen some downturn after proceeding higher than $4,000 recently. The price is currently residing in the short-term correction retracing towards the dynamic level of 20 EMA within the Kumo Cloud, which does indicate that the price is more likely to proceed upwards with a break of the $4,386.80 resistance level. If the price breaks above the $4,386.80 resistance level with a daily close, then it is expected that the price will proceed higher towards $4,500 and later towards the $5,000 price level in the future. As the price remains above the $4,000 support level, the bullish bias is expected to continue further.


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