Bitcoin has been quite impulsive with bullish gains recently which engulfed a great number of bearish corrective candles with one go. After the price had been rejected off the $4,250 area, it managed to push lower near $3,600 area while sudden impulsive bullish momentum engulfed the previous corrective bearish pressure in the process. Currently the price is residing above 200 EMA again which indicates further bullish pressure in the coming days. The price is expected to push higher towards $4,250 again. The overall structure of Bitcoin is extremely volatile inside the price range of $3,500 to $4,250 area recently. On the other hand, a break above $4,250 could lead to strong bullish momentum with a target towards $5 000 in the future. As the price remains above $3,000 with a daily close, the bullish bias is expected to continue.
SUPPORT: 3,000, 3,500, 3,600
RESISTANCE: 4,000, 4,250, 4,500, 5,000
The material has been provided by InstaForex Company - www.instaforex.com