Bitcoin jumped above $4,500 recently. Moreover, the price managed to touch and reject off the milestone price area of $5,000 as well with a single hourly candle. Bitcoin climbed above a 5-month high with such impulsiveness that came as a surprise for Bitcoin bulls. Currently, traders are taking profits.
The price is currently holding inside a trading range between $4,500 to $5,000. Today's gain is assumed as triggering an order worth $100 million spread across US-based exchanges. The bullish bias was quite strong earlier but such impulsiveness was not quite expected even by regular market participants. Currently the price formed Bearish Continuous Divergence which is expected to lead to further corrective and volatile price action in the coming days before the price jumps higher again with a target towards $5,000 or even higher. The price is also being held by the dynamic levels as support which will help the price to rebound again if certain pullbacks occur along the way. As the price remains above $4,500, the most popular cryptocurrency is likely to reinforce impulsive upward momentum in the coming days.
SUPPORT: 4,000, 4,250, 4,500
RESISTANCE: 5,000, 5,150, 5,300
MOMENTUM: NON-VOLATILE and IMPULSIVE
The material has been provided by InstaForex Company - www.instaforex.com