FX.co ★ BITCOIN Analysis for September 29, 2017

Bitcoin has been reacting quite maturely after breaking above the $4,000.00 resistance level recently. The price has retested off the $4,000 support area recently before launching up higher again with a recent target towards $4,386.80 and later towards $4,500. Recently, South Korean Regulators have banned the issuing of Initial Coin Offerings like China which lead to certain retracement today towards $4,000 today but now the bullish pressure is quite strong in comparison. Moreover, there are also news about Bitcoin splits in November which might lead to further bearish pressure in the future but that would not be a concern for current gains of the Cryptocurrency. Currently the price has already launched off the retest of support level with impulsive bullish pressure which has been supported by the dynamic level of 20 EMA, Tenkan and Kijun lines. As the price remains above $4,000 level and dynamic levels, the bullish bias is expected to continue further.

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