Bitcoin is trading at the edge of $4,000. The price has been quite volatile and corrective since it broke above it with an impulsive daily close earlier. The price is moving lower with strong bearish momentum currently. Tenkan and Kijun line cross indicates further bearish momentum in the coming days.
The price recently broke below the Kumo Cloud support area as it turned quite thin and weak to hold the price higher above $4,000. The Chikou span is also residing below the price line while being held by the Kumo Cloud support. Amid the lack of positive fundamentals recently, BTC depends entirely on market sentiment. Though the price broke above $4,000 with a daily close, a break below the area with a daily close will define the earlier break as false. So, the price is set to move impulsively lower in the coming days. If the price remains above $3,800-80 support area, BTC price will have a chance to climb higher again in the coming days.
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