After breaking above the resistance of 4386.80 recently Bitcoin was quite corrective in nature today. There has been an expected pullback today as of the recent Chinese ban on initial coin offerings effect which still seems to be quite intact in nature. Bitcoin popularity in several countries is growing quite impulsively whereas the Blockchain technology is also coming into the limelight. As of the popularity and encouragement of accepting Bitcoin is growing rapidly there is greater chance of impulsive gain on Bitcoin in the coming days. Though Bitcoin is currently quite corrective in nature with the gains due to some economic issues which affected the demand of this Cryptocurrency the effect is expected to be quite minimal in nature. Currently, the price of Bitcoin is residing above the dynamic level of 20 EMA in the intraday 4 hourly chart which is currently expected to create more higher highs and higher lows with an expectation to climb much higher towards $4500.00 resistance level and later towards $5000.00 target area. Recently there has been Tenkan and Kijun Cross whereas Tenkan Sen is holding the price well enough to push it much higher and the price is on the way to break the Kumo Cloud to signal much higher moves in the future. As the price remains above the support area of 3917.20 - 4386.80 the bullish bias is expected to continue further.
