Bitcoin is undergoing correction at near $5,250 since it reached there amid the impulsive bullish momentum. Though the price is corrective and volatile currently, BTC is trading firmly above $5,000 that showcases the strength of bulls.
The price recently showed certain rejection off the Kumo Cloud support area which successfully managed to push the price higher. The dynamic levels like 20 EMA, Tenkan and Kijun line are acting as resistance currently while Chikou Span is trapped inside the price line. Despite such developments, the price will face further downward corrections and volatility. Though the price is trading below $5,250 now, a break above this price with a daily close will reinforce impulsive bullish pressure with a target towards $5,500 in the coming days. As the price remains above $5,000 with a daily close, BTC will signal a further overall bullish bias.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,000
The material has been provided by InstaForex Company - www.instaforex.com