Bitcoin managed to push higher above $5,500 area recently after it broke below $6,000 area with a daily close amid impulsive bearish pressure. The price recently formed Extreme Divergence. So, certain retracement towards $6,000 area is expected before the price sinks lower with a target towards $5,000 area in the future. Currently the price is at the edge of the dynamic level of 20 EMA from where it is expected to pull back for a certain period. As the price remains below $6 000 area with a daily close, the bearish bias is expected to continue further.
SUPPORT: 5,000, 5,500
RESISTANCE: 6,000, 6,400, 6,500
BIAS: BEARISH
MOMENTUM: VOLATILE
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