Bitcoin has managed to go above $5,250 after a correction at the edge. The price has recently retested the resistance and it is about to move higher.
The price was held by the strong support area of Kumo Cloud earlier while it was correcting below $5,250. Besides, the strong levels like 20 EMA, Tenkan and Kijun line are currently expected to work as support whereas the Chikou Span that is breaking above the price line also indicates the possibility of further uptrend. MACD shows no signs of Bearish Divergence which confirms that the bullish sentiment is going to rise further in the coming days. The targets may appear around $5,500 and later move towards $6,000.
Bitcoin is anticipated to attract more bull traders on its way to new highs. However, some unexpected surprises may take place. So, a trader should be able to make sure the risks are managed properly. The bullish sentiment is expected to prevail as long as the price remains above $5,000.
SUPPORT: 5,000, 5,250
RESISTANCE: 5,500, 6,000
The material has been provided by InstaForex Company - www.instaforex.com