Bitcoin sank impulsively lower after a jump above $5,500 with strong bullish non-volatile momentum recently. BTC is trading sideways after reaching a 6-month high. The price is expected to create further upward pressure in the coming days.
BTC steady rally created a Cup and Handle bullish pattern on the daily chart. Bullish momentum in the coming days can be measured in technical Analysis. The overall trend is bullish, non-volatile, and impulsive that indicates steady bullish pressure in the near future.
Despite the current dip below $5,500 on the intraday H1 chart, this price move is assumed as a correctional decline. This correction will be followed by a climb higher towards $6,000 price area in the coming days. The dynamic level of 20 EMA which was restraining Bitcoin for a certain period has been been broken. As long as the price remains below $5,500, BTC is going to trade with higher volatility, making corrections.
SUPPORT: 5,000, 5,250
RESISTANCE: 5,500, 6,000
The material has been provided by InstaForex Company - www.instaforex.com