Bitcoin has managed to sustain the bullish momentum, holding above $4,000 area at a daily close. The impulsive upward trend, which pushed the price above $4,000 area shortly after a break below it, indicates bulls' strength.
The price has successfully formed the Elliott wave with a proper wave 3. Currently, it is correcting at the wave 4 and is gathering strength to push higher towards $4,250 area with the wave 5 bullish support. The price is held by the dynamic level of 20 EMA, having reversed the bearish trend for several times inside the consolidating period. The price formation and structure with such impulsive bullish momentum indicate a high possibility of further upward move in the coming days as long as the price remains above $4,000 area.
SUPPORT: 3,500-600, 3,800-80, 4,000
RESISTANCE: 4,250, 4,500, 5,000
BIAS: BULLISH
MOMENTUM: VOLATILE
The material has been provided by InstaForex Company - www.instaforex.com