Analysis of Bitcoin for October 31, 2017

The Bitcoin is currently showing some bearish intervention after breaking above the $6,000 price level with an impulsive bullish move recently. There has been no high impact economic events recently on the Bitcoin side but China is expected to allow the Bitcoin exchanges which were banned some months ago. The Chinese regulator is currently being positive for the Bitcoin trading in China but it can also be a rumor as well. As of the current situation, the price is expected to show some retracement towards the dynamic level of 20 EMA and Tenkan Sen before showing some bullish move. The price remains above the dynamic level of 20 EMA and $5,500 support area.

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