09.10.201719:53 Forex Analysis & Reviews: BITCOIN Analysis for October 9, 2017

Bitcoin has recently broken above the $4386.80 resistance with weekly close which does signal further bullish pressure in the making with the target towards $5000 resistance area. There are certain positive reports about Bitcoin recently where Goldman Sachs reportedly working on Bitcoin Trading Business Plan. After the Chinese effect in the market which leads the price to drop below $4000 but recently the price has broken above the range with a strong impulsive move. Bitcoin and other digital currencies are being supported by several well-known financial institutions which lead the market sentiment in favor of Bitcoin to gain better. Currently, the price is residing above the $4386.80 level where the break above was supported by dynamic level and Tenkan Sen which does signal further impulsive bullish move with the target towards $5000 resistance area. As the price remains above $4386.80 level and dynamic levels the bullish bias is expected to continue further.