Bitcoin moved lower after rejecting off the $4,000 area with a daily close as expected. Recent formation of Bearish Divergence at the price area of $4,000 provided evidence of the recent dip in the market which is likely to be viewed as retracement for a further upward move. BTC advance is currently subdued by the Kumo Cloud as support, while dynamic levels such as 20 EMA, Tenkan and Kijun line are neutral above the current price line.
Though Bitcoin is losing its shine, it still maintains demand among crypto investors that is being reflected in the chart. The BTC rally starting off the $3,500-600 showcases the bullish market sentiment which will push the price higher after a retracement and downward corrections. As the price remains above $3,500-600 with a daily close above $4,000, be ready for further bullish pressure with a target towards $4,250 and later towards $4,500.
FUNDAMENTAL ASPECT: NEUTRAL
TECHNICAL ASPECT: BULLISH
MOMENTUM: VOLATILE
POSSIBILITIES: STRONG BULLISH ABOVE $4,000
