BITCOIN Analysis for October 25, 2017

Bitcoin has been quite bearish recently which has led the price to fall towards $5300 price level today and rejected off the dynamic level of 20 EMA. A new evolution in Bitcoin, which is named as Bitcoin Gold has arrived in the financial market as the rumors of Bitcoin Split was heard in the market earlier. After the birth of Bitcoin Cash, now Bitcoin Gold is expected to have a good amount of impact in the financial market though Bitcoin cash did not have much effect on the market. Current correction in the Bitcoin market is quite as expected after the rejection off the $6000 price area and it is expected to gain the bullish momentum very soon which is expected to break above the $6000 resistance area proceeding towards $7000 price area in the future. Currently, the price is above $5500 area and residing above the dynamic level of 20 EMA which is expected to push the price higher towards $6000 price level before it breaks above and creates new record high for the Cryptocurrency. The Tenkan Sen and Kijun Sen have been quite parallel to the 20 EMA which is acting together as a dynamic support band. As the price remains above the $5000 price area the bullish bias is expected to continue further.

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