Bitcoin has been struggling above $3,800 after the impulsive breakout which is expected to retrace a bit lower before climbing higher above $4,000 in the coming days.
The price is being held by the dynamic levels like 20 EMA, Tenkan and Kijun line as support while Kumo Cloud area is widening as strong barrier for sell pressure. The Chikou Span is still trading above the trendline which also indicates further bullish momentum. As the price breaks above $4,000 with a daily close, further bullish momentum will go on with a target towards $4250 and later towards $4500 area in the future. As the bullish bias is still strong in the solid support area, the upward pressure is expected to continue further.
SUPPORT: 3,500, 3,600, 3,800
RESISTANCE: 4,000, 4,250, 4,500
The material has been provided by InstaForex Company - www.instaforex.com