FX.co ★ Analysis of Bitcoin for October 27, 2017

Bitcoin is currently struggling to break above $6,000 price resistance level which is expected to be broken above in the coming days. The price has created higher lows which indicates pre-breakout structure with a Triangle pattern in the chart which is more likely to break upwards. After appearance of Bitcoin Gold, Bitcoin has been quite impulsive with the bullish price action which indicates the positive impact of it on the Cryptocurrency. Bitcoin is currently expected to create record highs in the coming days by moving up higher above $6,000 price level with target towards $7,000 level. Currently the price is expected to retrace towards the trendline support level which is also the dynamic level of 20 EMA support as well and then push back higher with an objective to break above $6,000 price level. As the price remains above $5,000, the bullish bias is expected to continue further.

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