Bitcoin has been quite volatile at the edge of $3,880 which is currently being held by the dynamic level of 20 EMA.
Despite the fact that the price has been corrective and indecisive, the overall momentum is bullish creating higher highsand higher lows. The rejection off the dynamic level has been obvious. Besides, certain engulfing and indecisive momentum have been observed while the price was moving up The price formation is still quite bullish which is quite surprising after an impulsive bearish engulfing earlier. According to the Elliott Wave analysis, currently the price is completing the 4th wave and heading towards 5th wave. The price is expected to extend a rally above $4,250 or higher in the process. As the price remains above $3,500, it will open the way to the bullish bias in the medium term.
SUPPORT: 3,500, 3,600, 3,800
RESISTANCE: 4,000, 4,250, 4,500
The material has been provided by InstaForex Company - www.instaforex.com