Bitcoin's corrective low volume price action is still being squeezed at the edge of $3,600 from where a strong break above is expected. The price has formed Bullish Pennant in the process which if broken above the resistance trend line will push the price higher towards $4,000 area in the coming days. In MACD there is not much to be observed with a low volume in the Histogram. The overall Cryptocurrency market saw strong bearish pressure as JP Morgan launched their own digital coin to help the bank settle payments between clients. The news affected the Bitcoin growth, whereas the bullish pressure are not seen yen on the back of a low trading volume on Bitcoin recently. As the price remains above or contained in $3,500-600 area, the impulsive bullish bias is expected to continue.
SUPPORT: 3,000, 3,500, 3,600
RESISTANCE: 3,750, 4,000, 4,250
The material has been provided by InstaForex Company - www.instaforex.com