The news about the possible ban of mining farms in China has negatively impacted the market. Bitcoin dipped to the strong $3,500-$3,600 support level, briefly entered a side flat and was traded at $3,600-$3,850. Supported by the bulls, the Bitcoin/Dollar exchange rate went up by 4.72 percent on Sep. 26, reaching the $3,950 point in the US. It increased by 3.6 percent on Sep. 27 reaching $4,100.
- As of today, Bitcoin hit the support level of $4,100 and is traded at about $4,100. As positive trends seem to be prevailing on the market, the price is unlikely to go below $4,000 in the nearest future.
- If Bitcoin gains momentum and is further strengthened, it will go beyond the $4,300 level. Its primary goal is growing up to $4,680, beyond which other maximums test likely.
- As of now, the closest support level is about $4,050. We can proceed from this when planning our subsequent purchases.
- Bitcoin is making significant progress and is getting stronger. It is reported the Chinese ICO ban might be temporary and the government might change its policy in favour of cryptocurrencies in October. In case it does, the price will go up.