BITCOIN Analysis for October 13, 2017

Bitcoin has been impulsively bullish recently after breaking above the $5,000 price level with a daily close. After the Chinese ICO ban effect, the Cryptocurrency gained quite steadily earlier. After breaking the $5,000 level the market sentiment has driven the market impulsively leading to further gains on the upside with a target towards $6,000. The price is currently residing above the $5,600 level after taking over the psychological level of $5,500. Consolidation is expected to unfold in November because of the Bitcoin Split which may affect the growth of the Cryptocurrency with a significant impact. Currently, the Bitcoin price is likely to come back to the mean level of 20 EMA with some retracement before pushing up higher towards $6,000 resistance area. As the price remains above the $5,000 support area the bullish bias is expected to continue further.

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