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Bitcoin Hovers Around $4,400 Ahead of Bitcoin Gold’s Impending Release

By:
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Published: Oct 8, 2017, 09:09 UTC

Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way.

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Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way. Regardless, we could end up staying in this sideways trading range if circumstances remain unchanged, or at least until the week-long Chinese national holiday has concluded.

Bitcoin cash has continued descending since its $972 all-time high, a resistance level that could be cleared if more favorable conditions are created after the golden fork. The $719 monthly and $484.9 weekly highs should also be kept under watch. The price was hovering around $360 today, which is uncomfortably close to the $342.11 previous weekly low. Secondary supports are at the $300.01 monthly and $190.1 all-time lows as well and are possible targets in case of a short-term breakdown. Moreover, bitcoin gold is impending release, so we have another fork on the horizon, scheduled for October 25.

Bitcoin has been performing rather well despite the expected schism and overwhelming community discord and was trading above $4,400 today, which is in all fairness, not that far from the previous $4,979.9 all-time high.

Supports are abundant, with the $3,602.79 August monthly low especially standing out, in addition to the $4,137.96 weekly and $2,972.01 monthly lows. Secondary supports are at $4,377.91, $4,215.40, $4,137.21, $4,120.57, $4,019.65, $3,849.78, $3,512.30, and at $3,461.38.

Bitcoin has been on the run since September 15, which was when the ongoing $2,972.01 monthly low was achieved (GMT 11:00). The last week was chiefly characterized by sideways trading, entirely between the $4,019.65 support and $4,453 weekly high. A breach of this high appears to be likely, but it may be postponed, in case of conditions form for another reversal.

This post was originally published by EarnForex

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