After a series of corrections and indecision below $4,000 with a daily close, Bitcoin is currently trading below $3,800. Like most of the cryptocurrencies, Bitcoin has been struggling to sustain the bullish momentum being surrounded by pessimism along the way.
The price is currently showing certain bearish rejection off the $3,700 area from where it is expected to rise higher towards $3,800 where the Kumo Cloud resistance lies. A break above $3,800 will lead the price to $4,000 in the future. Though the price has been quite impulsive with the recent bearish momentum, being above $3,500-600 support area with a daily close, the bullish bias is expected to push the price higher.
SUPPORT: 3,500, 3,600
RESISTANCE: 4,000, 4,250
The material has been provided by InstaForex Company - www.instaforex.com