Bitcoin managed to sustain the bullish momentum it gained yesterday after an impulsive bearish daily close below $4,000. Persistent bullish pressure above the Kumo Cloud, 20 EMA, Tenkan, and Kijun line signals strength of bulls which is expected to push the price higher towards $4,000 and much higher later.
Though the overall price action is still quite volatile, strong bullish pressure with a dynamic level holding the price as support indicates that upward momentum and bullish bias in Bitcoin is still ready to thrive. A break above $4,000 will lead to a robust upward movement. Apart from the recent False Breakout above $4,000, current bullish formation off the dynamic level is expected to secure the momentum above $4,000 which may lead the price towards $4,250 and later towards $4,500 in the future.
SUPPORT: 3,500, 3,600
RESISTANCE: 4,000, 4,250
The material has been provided by InstaForex Company - www.instaforex.com