Bitcoin has been consolidating at near $5,250 for a while now. Holding above the dynamic support area of Kumo Cloud along the way indicates further upward pressure that is being formed now.
Bitcoin has been extending a climb without any new lows for the last 123 days that indicates further upward pressure which is sure to attract more bulls along the way. The bullish sentiment is still setting the tone in the market despite the recent volatility at around $5,250. Amid the persistent bullish pressures along the way, the price will keep upward momentum with a target towards $5,500 and later towards $6,000.
The price recently managed to jump above $5,250 with strong bullish momentum but could not sustain it further. So, the price sank below the area with impulsive bearish momentum. The dynamic levels like 20 EMA, Tenkan, and Kijun line are now holding above the price. These levels are likely to create barriers for the upcoming upward pressure in the coming days. As the price remains above $5,000 with a daily close, the bullish bias is going to push the price higher.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,500
The material has been provided by InstaForex Company - www.instaforex.com