Bitcoin is still trading at near $5,000 being held by the dynamic support levels. BTC is likely to extend the impulsive bullish gain, though correctional moves and indecision are slowing down the steady uptrend.
The price recently rejected off the $4,800 area holding inside the Kumo Cloud support along the way. Trading inside the Kumo Cloud indicates that the bullish bias is still strong to push the price higher. The price is currently being held by the dynamic levels like 20 EMA, Tenkan, and Kijun line whereas the Chikou Span is currently being held by the trendline. As the price breaks above $5,000, all technical indicators clearly signal a further bullish impulsive move. BTC price could reach $5,250 and later move towards $5,500 in the future.
SUPPORT: 4,500, 4,800
RESISTANCE: 5,000, 5,250, 5,500
The material has been provided by InstaForex Company - www.instaforex.com