Bitcoin has been full of surprises for market participants as the price rose above $4,000 again after a drop towards $3,800-80 support amid impulsive bearish pressure. The bullish momentum was quite impulsive today because it took a short time for BTC to assert its strength amid the impulsive bearish pressure.
The price is currently trading at the edge of $4,000. However, a break to follow could push the price a bit lower towards $3,950 as a retracement. Afterwards, the price is likely to climb higher again with a target towards $4,250 and later towards $4,500. There is a high probability of a further retracement as the dynamic level is quite far from the current price area that is expected to attract the price towards it. As the price remains above $3,800-80 support area with a daily close, BTC is going to trade under the impulsive bullish momentum.
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