Bitcoin is trading above $4,000 with a daily close despite the recent false breakout below that level. This price move indicates that the bulls are still quite in control. Further bullish momentum with a target towards $4,250 and later towards $4,500 is expected in the coming days.
According to recent analysis of BTC retail traders, 79.2% are bulls and expect the price to push higher. So, the ratio of bulls to bears is 3.8:1. According to the Bitcoin market positioning cycle, the bullish bias has a higher probability to extend higher at least towards $6,000. Besides, a break above $6,500 is expected to reinforce bullish momentum in the future. As the price remains above $3,800-4,000 with a daily close, the bullish bias is expected to continue further.
SUPPORT: 3,500-600, 3,800-80, 4,000
RESISTANCE: 4,250, 4,500, 5,000
The material has been provided by InstaForex Company - www.instaforex.com