Bitcoin pushed impulsively lower after the price had been rejected off the $5,500 resistance area recently. The price bounced back immediately but it is currently stalling between the support levels from $5,200 to 250.
Sudden impulsive bearish momentum in Bitcoin after breaching above $5,500 came as a surprise to most investors and analysts. The rally towards $6,000 failed in light of positive investment fundamentals supporting it.
Despite the fact that the bias is still bullish, the price could enter a correcitonal phase amid high volatility. The dynamic level of 20 EMA is holding the price resistance. This level pushed the price lower recently. So, a break above $5,300 could trigger a break above the dynamic level. Is the forecast comes true, it will reinforce upward pressure in the coming days. As the price remains above $5,000 with a daily close, the impulsive bullish bias in Bitcoin is expected to continue.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,300, 5,000
BIAS: BULLISH
MOMENTUM: VOLATILE
