Bitcoin has been struggling and consolidating at the edge of $4,000 after impulsive bearish pressure observed recently which aroused after the rejection off the $4,100 area. Though the bearish pressure was very impulsive, it failed to sustain the impulsive bearish momentum to push the price even lower.
The price recently formed a downward sloping triangle. If the pattern is broken, a further step will be to break above $4,000. This will lead the price higher towards $4,250 in the coming days. The volatility is still quite high in Bitcoin. However, the price is likely to create a clear path to progress higher after a breakout above this corrective structure. As the price remains above $3,800-80 support area, the bullish bias is expected to continue further.
SUPPORT: 3,500-600, 3,800-80
RESISTANCE: 4,000, 4,250, 4,500
The material has been provided by InstaForex Company - www.instaforex.com