Bitcoin managed to sustain the bullish momentum despite the volatile situation and sudden spikes along the way. The price consolidated for a certain period at around $4,000. However, with strong bearish rejection it managed to set clear momentum with upward pressure.
The price is currently breaching above the recent high of $4,150 and expected to rally higher towards $4,250 resistance area without any further consolidation along the way. The dynamic level of 20 EMA, Tenkan and Kijun line have been carrying the price higher. BTC price is still able to push towards $4,250. The Chikou Span has also cleared above the price line area. BTC is likely to find support along the way and reinforce upward pressure in the market. As for the current price formation, the 3rd Wave formation is on the way and it is expected to reach $4,250 before it consolidates and corrects itself. As the price remains above $4,000, BTC is going to trade under the impulsive bullish momentum.
SUPPORT: 3,800-80, 4,000
RESISTANCE: 4,250, 4,500
The material has been provided by InstaForex Company - www.instaforex.com