Bitcoin managed to sustain the bullish momentum above $5,000 area while having the confluence off the dynamic levels. The price is currently trading at near $5,250. BTC recently retraced from a slightly higher price and it is currently being held by the dynamic levels like 20 EMA, Tenkan and Kijun line.
The price formed back to back bearish rejection candles off the dynamic level after a retracement along the way that is indicating further bullish pressure. MACD is currently quite neutral with not much of activity on the histogram and converging slope on the moving averages. The bullish wave was formed lately. It is expected to push the price higher towards $5,500 in the coming days while the dynamic levels carry it higher along the way. As the price remains above $5,000 with a daily close, BTC is likely to extend the bullish bias.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,000
The material has been provided by InstaForex Company - www.instaforex.com