BITCOIN Analysis for October 24, 2017

Bitcoin has been quite corrective recently after bouncing off the $6000 resistance area. The price has been quite bearish today which lead the price towards $5700 area which is just above the dynamic level of 20 EMA. Ahead of the November event of Bitcoin which is expected to inject a good amount of volatility in the market, certain correction is quite as expected. The price is still quite bullish impulsive as it is still residing above the dynamic level of 20 EMA and currently supported by the Tenkan Sen line in the daily period chart. As November event is still quite a mystery for the investors but the effect is expected to be quite hawkish in nature for the Bitcoin which will help the price to jump higher towards $7000 price level in the coming days. As of the current situation Bitcoin is still quite strong with the bullish trend and as the price remains above the dynamic level of 20 EMA and $5000 price level the bullish bias is expected to continue further but some retracement towards the dynamic level and $5500 price area can be observed along the way.

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