FX.co ★ Analysis of Bitcoin for October 30, 2017

The Bitcoin has recently broken above the $6,000 resistance area with a daily close which just opened the doorway to more highs in the coming days. November is going to be a very interesting month for the Bitcoin, whereas closing above $6,000 price level is said to be a bonus. This is expected to work as fuel for the upcoming impulsive bullish move in the future. The Bitcoin is currently retesting the $6,000 price level as support before launching up higher with a view of creating new highs. There are also news that the cryptocurrency market may also appear in Beijing very soon after the recent Chinese ICO ban. This could really be very interesting to see how the cryptocurrency works in China and what effect the market will get. As of the current situation, the price is being backed by the dynamic level of 20 EMA and Tenkan Sen. We might see some correction before price shows another bullish jump towards $6,500 and later towards $7,000 resistance area. As the price remains above $5,500 and $5,000 level, the bullish bias is expected to continue further.

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