empty
 
 
20.10.2017 01:50 PM
BITCOIN Analysis for October 20, 2017

Bitcoin has been quite corrective after the recent impulsive bullish bounce off the $5,000 support area. The bullish trend is expected to push the price higher towards $6,000 price level but ahead of the upcoming November Bitcoin Split the price seemed to be correcting itself in the run to the upcoming volatility in the market. Bitcoin has been gaining more demand recently because of the recent positive bias in the market of the Cryptocurrency whereas countries like Russia and Canada are measuring its efficiency and CoinBase to allow people to buy Bitcoin from American banks as well. Every positive review and news about Bitcoin is bullish for the cryptocurrency, increasing the demand for Bitcoin which encouraged further bullish momentum for it.

As for the current situation, the price is still above the Kumo Cloud support area, currently being held as a support by dynamic level of 20 EMA and a recent cross of Tenkan and Kijun. The Chikou Span is now trying to break above the corrective candle structure whereas a break above this area will lead to further impulsive bullish momentum with a target towards $6,000 price level. As the price remains above the $5,500 and $5,000 support area, the bullish bias is expected to continue further.

This image is no longer relevant

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback