Bitcoin has recently managed to close above the $4,000 price area with a daily close which is currently consolidating and correcting itself at the edge of the $4,000 area after a certain retrace along the way.
The price is currently being held by the dynamic support area of Kumo Cloud, while also being carried by the dynamic levels such as the 20 EMA line, Tenkan, and Kijun. Though the price is progressing with an impulsive to flat wave progression, it is expected to push higher towards $4,250 with an impulsive bullish momentum after the price corrects itself further at the current position. As the price remains above the $3,800-80 area with a daily close, further bullish pressure is expected.
SUPPORT: 3,500-600, 3,800-80, 4,000
RESISTANCE: 4,250, 4,500
The material has been provided by InstaForex Company - www.instaforex.com