FX.co ★ BITCOIN Analysis for September 27, 2017

After all the consolidation and volatility below the $4,000.00 level, the price has finally jumped above it with an intraday close. Bitcoin has been quite in a negative bias recently after the Chinese Initial Coin Offering ban and Bitcoin Exchanges ban which was also supported by some countries as well. Recently after ECB President Draghi shows some interest in Bitcoin, the Cryptocurrency has shown some serious gains with a bullish squeeze which lead to the most wanted breakout for last few days. After the negative effect on Bitcoin, the market is currently showing some mature movements along the way whereas recently it is also heard that a member of Chinese Think Tank wants to hold to the Digital Currencies. Moreover, during the last six months, the number of jobs in Digital Currency has also doubled which is also being considered by the governments who were quite prone of the Bitcoin. As of the current scenario, it is expected that price will fall back towards $4,000.00 to retest it as a support and then push higher towards $4,386.80 and later towards $4,500.00 resistance level in the coming days. As the price remains above the $4,000.00 level with a daily close the bullish pressure is expected to continue further.

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