Bitcoin has been trading at near $5,000 after the impulsive bearish momentum pulled the price below $5,250 recently with a daily close. The price hit an intraday low below $5,000 but it managed to regain momentum propmtly.
The price is currently being held by the dynamic level of 20 EMA and Tenkan line as resistance. The price is expected to continue consolidating further moving higher towards the Kumo Cloud resistance area. The Kumo Cloud resistance has widened quite well and it is expected to contain the price as strong resistance. So, a further climb above $5,250 area is capped. In this scenario, as the price remains below $5,250, bearish pressure will determine a further price move, though analysts foresee correctional climbs and volatile price actions. Otherwise, a break above $5,250 with a daily close would also mean a break above the strong Kumo resistance, which is quite unlikely. In this case, BTC will regain the bullish momentum.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,500
The material has been provided by InstaForex Company - www.instaforex.com