BITCOIN Analysis for October 5, 2017

Bitcoin has shown a good amount of impulsive buying after retracing towards the dynamic level of 20 EMA inside the strong Kumo Cloud support area. After two consecutive days of bearish retracement from the bounce off the resistance level of $4,386.80, the price is currently showing some bullish pressure. At present, the Bitcoin market is showing some mature market movement following Impulsive and Corrective sequence along the way. Though there are certain negative reports on the digital currency, Bitcoin has once again proved its strength by showing the gains after the recent bearish pressure. Currently the price is being supported by the dynamic level of 20 EMA and Tenkan Sen which is expected to help the price to break above the $4,386.80 resistance level with a recent target towards $4,500 and later towards $5,000 price level. As the price remains above $4,000 support area, the bullish bias is expected to continue further.

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