Source: Forex Analysis
Bitcoin has been quite indecisive at the edge of $3,880 for a few days in a row. The price sustained the bullish momentum. The price was trapped in a range between $3,800 and $4,000 for a while. Now it is expected to rebound with a higher target in the coming days.
Fundamentally, there is not much going on the Bitcoin side but technical aspects show indecision and low liquidity in the market. During the range-bound correction, the price has been carried by the dynamic level of 20 EMA after the impulsive fall off the $4,200 in February. Currently the price has come under the bullish pressure with a target towards $4,000. If broken above with a daily close, we expect further bullish momentum with a target towards $4,250 and later towards $4,500. As the price remains above $3,500-600 with a daily close, BTC will maintain strong bullish bias.
SUPPORT: 3,500-600, 3,800-80
RESISTANCE: 4,000, 4,250, 4,500
The material has been provided by InstaForex Company – www.instaforex.com