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Bitcoin price analysis- October 17, 2017

BTC/USD

Bitcoin is trading now at $5476.93 i.e. on October 17,2017.  Presently, the Bitcoin is trading a significant resistance from the ascending channel line. It has been unable to breakout of this resistance.

However, it is a god place to book profits and wait for the next opportunity. If the price breaks out of the channel, it is likely to become very positive and rally to $6400 quickly.

 Bitcoin price analysis, October 17, 2017

Market Factors

Considerably, Bitcoin price is likely waiting for the next big catalyst, might be the outcome of the next network upgrade in November. However, investors have positioned early but are also wary of rival versions of bitcoin are popping up.

Also Read: Cathie Wood: Bitcoin adoption leads free money transmission

Significantly, the dollar is also waiting on the next set of catalysts even though the path of resistance for the currency might be to the downside. US data has surprised to the upside as well as North Korea is also keeping bitcoin price supported versus the dollar.

Recently, according to the source, Russia started moving ahead with its own ‘cryptoruble’. However, only the time will let us know whether this cryptocurrency will succeed or no. Therefore, presently bitcoin price is all in trending.

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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