Bitcoin was trading with high volatility aiming to climb higher after a breakout above $5,250. Indeed, the price jumped higher towards $5,500 but failed to sustain the bullish momentum as the impulsive counter pressure intervened.
The price recently rejected off the $5,000 area acting as support and revealed certain bullish pressure which will be able to lead the price higher towards $5,250 again. However, having dynamic levels like 20 EMA, Tenkan, and Kijun line as resistance, there is a bigger likelihood for BTC to reject the bulls and continue moving lower in the coming days. Though the market is currently quite impulsive with the bearish pressure, breaking above the $5,250 area again with a daily close is expected to reinforce upward momentum in the coming days. As the price remains above $5,000 area with a daily close, the impulsive bullish bias is likely to continue.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,500
The material has been provided by InstaForex Company - www.instaforex.com