Bitcoin managed to break above $5,250 after a series of consolidations and corrections at the edge of the $5250 area. The cryptocurrency is likely to set new records.
The recent rally of Bitcoin after breaking above $5,000 area with a daily close is a sign of the strengthening crypto market. Although the recent upwards momentum appears to be fizzled out, analysts believe, Bitcoin is going to reach its strong resistance level around $5,500. Moreover, it can open the gates for even greater gains if BTC breaks above this level. Bitcoin, the flagship of the overall Crypto industry, is anticipated to attract more buyers and increase volatility in the coming days.
The price is currently being restrained by the dynamic level of 20 EMA, Tenkan, and Kijun lines as a support level. Meanwhile, the Chikou span remains above the price line indicating further upward pressure. After the price broke above the $5250 area, it retested it as support. Now, it is likely to move higher towards $6,000 in the coming days if the bullish sentiment persists.
SUPPORT: 5,000, 5,250
RESISTANCE: 5,500, 5,750, 6,000
The material has been provided by InstaForex Company - www.instaforex.com