BITCOIN Analysis for January 7, 2019

Bitcoin has been quite impulsive with the recent bullish momentum which nudged the price to reside above $4,000 area recently. The price bounced off the 200 EMA recently while being supported by the dynamic levels of Tenkan, Kijun, and 20 EMA. The price recently retested off the $4,000 area with a retracement. The price is now consolidating above $4,000 area which indicates further bullish pressure in the coming days. Moreover, the increased thickness of Kumo Cloud below the price line also signals further bullish pressure in the making while being retraced in the process. As the price remains above $3,500-600 area, the bullish bias is expected to continue further in the coming days.

SUPPORT: 3,500, 3,600, 4,000

RESISTANCE: 4,250, 4,500, 5,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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