Bitcoin Daily – Long Term Uptrend Is Likely To Continue – October 2, 2017

After a major support near 3k has been rejected a long-term uptrend should continue. At the same time, it is possible that the range trading will take place before that. BTC needs to break above $4700 to continue rising towards next strong resistance around $5500-$5600.

If Bitcoin will reject the resistance at $4700 a corrective wave down is likely to follow before it will resume an uptrend. Short term buyers should be quite active at this time while longer-term traders could start buying after $4700 is broken, thus supporting strong and a fast wave up scenario.

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