Bitcoin Trend / 10-05-2017 / Midday Update

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Demand for Bitcoin in Japan continues to grow

Bitcoin’s growth in Japan didn’t stop there. Some of Japan’s largest multi-billion dollar financial institutions and technology conglomerates have announced the launch of digital currency exchanges and have expressed their optimism toward the global bitcoin exchange market. The validation from the country’s most prominent and dominant corporations gave more confidence to Bitcoin investors and traders.
Japanese Bitcoin exchange market is one of the only markets to operate exchanges without fees. Thus, Japanese Bitcoin exchanges such as Bitflyer have demonstrated daily trading volumes and its dominance over the global Bitcoin exchange market.
As long as the demand for Bitcoin in Japan continues to increase at this pace, the Japanese Bitcoin exchange market will continue to demonstrate a high premium over other markets.

Bitcoin continues to provide the positive trading to move away from 1700.00 barrier and approach from our main waited target at 1785.00, noticing that stochastic attempts to get rid of its negativity gradually to approach from the oversold areas, while the EMA50 continues to protect trading inside the bullish channel that appears on chart.
We will continue to suggest the bullish trend on the intraday and short term basis, reminding you that breaching the targeted level will extend the bullish wave to reach 1900.00, while holding above 1670.00 represents the first condition to continue the suggested rise.

Expected trading range for today is between 1670.00 support and 1850.00 resistance
Expected trend for today: Bullish

Thanks For Reading,
Samer