Bitcoin has been quite corrective and volatile after pushing lower towards $3,700 recently with a daily close. Today the price managed to gain certain momentum which lead to certain bullish pressure.
Though the current trend is bearish, having Chikou span breaking above the price line while 20 EMA and Tenkan line breaking above the Kijun line as a crossover indicates that the price is pn track to climb higher. Though certain bullish pressure can already be seen, breaking above the Kumo Cloud resistance or $3,800 is required to have better bullish impulsive momentum along the way. As the price clears above $3,800, it is clear to advance with a target towards $4,000 or higher in the future. As the price remains above $3,500-600 support area, the bullish momentum is expected to continue.
SUPPORT: 3,500, 3,600
RESISTANCE: 4,000, 4,250
The material has been provided by InstaForex Company - www.instaforex.com