Analysis of Bitcoin for May 2, 2019

Bitcoin has been quite impulsive with the recent bullish momentum which resulted in a break above $5,500 area.

Reportedly, Bitcoin exchanges in the US received significant investments which enabled the cryptocurrency to attract buyers. So, the ongoing rally is expected to continue. As seen on the H1 chart, the price has already broken above the $5,500 area. The next targets lie at $5850 and later towards $6,000 area in the future.

After the recent rebounds towards the dynamic levels like 20 EMA, Tenkan and the Kijun line in the intraday chart, bitcoin is expected to gain bullish momentum in the process. The Kumo Cloud, having more wide area to support the price, indicates further upward pressure in the coming though certain correction and rebonds can be observed along the way.

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SUPPORT: 5000, 5250, 5500

RESISTANCE: 5850, 6000

BIAS: BULLISH

MOMENTUM: NON-VOLATILE

The material has been provided by InstaForex Company - www.instaforex.com