Bitcoin has been trading sideways between $3,500 and $3,600 for a few days in a row. The price is currently residing at the edge of $3,600 area, but yet to break above it with a daily close. The Kumo Cloud resistance is quite wider above $3,800-$4,000 which is expected to act as strong resistance for the price while pushing higher in the future. The dynamic levels in the daily chart are also higher than the price formation which is expected to work as resistance as well. As for the current price formation, BTC is likely to trade higher, but the path towards $4,000 area will not be easy because of several resistance levels which should be broken first before the price can establish a strong impulsive bullish trend. As the price remains above $3,000, the bullish bias is expected to continue, though with minor downward corrections and higher volatility along the way.
SUPPORT: 3,000, 3,500
RESISTANCE: 3,600, 4,000, 4,250,
The material has been provided by InstaForex Company - www.instaforex.com