Source: Forex Analysis
Bitcoin is currently trapped in a trading range from $5,000 to $5,250. Recently, the price managed to gain certain bullish momentum after a drastic dip towards $5,000.
The price maintains the trend line which is holding the price as support from where the price is going to push higher with a target towards $5,250. Later if a daily close is seen above this level, then further upward pressure is expected. The price above the Kumo Cloud may fluctuate and correct itself as the volatility still persists. For clearly impulsive bullish pressure, a break above $5,250 is required. Holding above $5,000 indicates a further bullish bias with a target towards $5,500 and later towards $6,000 in the future.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,500
The material has been provided by InstaForex Company – www.instaforex.com