Bitcoin has been quite impulsive with the bullish gains recently but for a few hours it is correcting itself above $4,000 area. The price is being propped up by the dynamic support area of Kumo Cloud as well as the dynamic levels like 20 EMA, 200 EMA, Tenkan, and Kijun line which are intersecting each other and encouraging the price to climb higher. After the price bounced off the 200 EMA and broke above $4,000 area, it established a target to jump even higher with strong momentum. After impulsive pressure, the market is correcting itself. After this corrective phase, the price is expected to move higher towards $4,250, $4,500 and later towards $5,000 area in the future. As the price remains above $4,000 area, the impulsive bullish bias is expected to continue.
SUPPORT: 3,000, 3,500, 3,600, 4,000
RESISTANCE: 4,250, 4,500, 5,000
The material has been provided by InstaForex Company - www.instaforex.com