Bitcoin is currently consolidating above $5,250 following a period of higher volatility and spikes. The bulls are still quite strong. Rejecting off the trend line indicates further upward momentum upon its break higher.
Bitcoin has following a clear path to $5,500 but first it needs to hold firmly above $5,300 which will also clear the trend line resistance. As the price has no Bearish Divergence supports, it will reinforce further upward pressure. However, being above $5,000 indicates the sustainability of the impulsive bullish bias.
No fundamentals have been released about the market of crypto currencies. The important event was the recent million dollar investment in US exchanges that attracted the Bitcoin bulls who have managed to sustain momentum it gained along the way. The dynamic levels of Tenkan line, Kijun line, and 20 EMA are holding the price as support. As support is protected, BTC will maintain upward pressure in the short term.
SUPPORT: 5,000, 5,250
RESISTANCE: 5,300, 5,500, 6,000
The material has been provided by InstaForex Company - www.instaforex.com