Bitcoin managed to sustain the bullish momentum at near $5,000 despite an impulsive bearish counter-move along the way. The overall bias is still bullish. Analysts share the viewpoint that the price could climb higher, thus reinforcing the bullish pressure.
The price is currently tarding at about $5,000 being held by the dynamic levels. The Kumo cloud is currently quite extended which indicates the strong bullish momentum in progress and strong support to push the price back higher if a retracement occurs along the way. Meanwhile, the price formed Bullish Hidden Divergence as well moving higher. This pattern suggests further bullish momentum with a target towards $5,250 again and later towards $5,500. As the price remains above $4,500 with a daily close, the impulsive bullish momentum will set the tone for the price action, so the price is going to create new highs in the short term.
SUPPORT: 4,000, 4,500, 5,000
RESISTANCE: 5,250, 5,500
BIAS: BULLISH
MOMENTUM: NON-VOLATILE but CORRECTIVEThe material has been provided by InstaForex Company - www.instaforex.com
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